Equity release schemes allow homeowners to unlock value from their property while staying put. Have anyone explored or used equity release and what advice would you give to others considering it?

Oh, equity release? I looked into it very carefully but in the end I decided it simply wasn’t worth the risk. The interest compounds so quickly that you end up owing far more than you ever borrowed and the thought of leaving my children with a heavily mortgaged house just didn’t sit right with me. I’d strongly advise anyone thinking about it to sit down with an independent financial adviser first and run the numbers properly before signing anything.

I looked at equity release but decided against it after reading some horror stories. Some people have ended up with debts that swallowed most of their home’s value. My advice is to treat it as a last resort only and to get proper legal advice before you sign on the dotted line.

Oh no, I stayed well clear of equity release. I’ve worked too hard all my life to start giving my house away bit by bit to a finance company. I’d strongly recommend exploring council tax reductions, benefit claims and other government support before even thinking about it.

I explored it and quickly walked away. The whole scheme feels like it benefits the provider far more than the pensioner. My firm advice is to consider selling up and downsizing instead.. you’ll probably end up better off in the long run.