Equity Release

[jennyjoan]

Do any of you think it is good! Particularly if you own your house outright.  Erm what is it good for.  Thanks for any answers.

[Peter Pedant]

That's not correct, OG. The property still remains yours, your benefactor/s 

no OG is correct

benefactors - chrissakes look the word up in a dictionary. heirs or beneficiaries. you should keep well away from legal questions

[barry1010]

Any drawbacks for a couple in their late 70s and older with no relatives to leave their assets to? 

No means tested benefits to lose.

[ladybirder]

JJ have you checked that you are not entitled to some benefits?

[Peter Pedant]

barrry i wd sell and downsize

[barry1010]

What if they live in a one bed ex-council flat in a deprived area?

[Zacs-Master]

OG was NOT correct. My mother and father did an equity release for about £20k back approx 20 years ago. The figure now owed is £40k. 

[ubasses]

Age UK have very clear explanations, of both types of equity release.

https://www.ageuk.org.uk/globalassets/age-uk/documents/information-guides/ageukil6_equity_release_inf.pdf