equity release

It can be a useful thing, providing you are clear what you want it for. There is no point taking it unless you have a specific expenditure in mind. My husband & I have just taken a small amount of equity out of our property. Yes, the interest can be daunting, but if the value of property continues to rise, then this will offset some of what is owed on your house. ER is now much more respectable, & is carefully regulated. We took some equity from our house because we don’t really want to leave much money/assets when we die & this is a good way of enjoying some of the value of your property before it’s too late! You cannot get into negative equity & the property is still yours until both of you are either in long-term care or die.

I did it a few years ago - I desperately needed to replace my car and pay some bills so that seemed like a good option. But this year I looked at our account , and saw that the interest was piling up quickly. I could see that by the time I needed to sell my house to finance our old age, there would be very little left. We bit the bullet and paid it off - now we own our house outright again and I can sleep at night.

Not a good thing I'd have thought.
If you wish/want/need to help the family, sell up and move into a more manageable place, especially if you're on your own and then give the family what's needed, deposits etc. I did. Who needs to rattle around in a big house with 3 lots of stairs and a 100ft garden ?

I had to laugh the other day when a friend said it was like releasing the money from your kitchen and dining room and giving the equity release company the money from your bedroom and bathroom for the pleasure of doing so.

Makes you think.

Personally, I've heard bad things. This is an old article from moneysavingexpert - blog.moneysavingexpert.com/2006/07/equity-release-i-wish-i-knew-the-answer/?_ga=2.44548327.2142144904.1562587241-271400022.1535886568

Don't know much about it, but I've heard of parents taking equity release to help their kids on the housing ladder.