Is Equity Release an advisable option to raise money?

Question

Im 71 and have been considering an Equity Release Plan.

Basically receiving a cash settlement in return for leaving my house to the Loan Company.

What are the gains and pitfalls?

Answer 1

Equity Release Plan is a good option for retired and older people who owns a house to release money for his use and to supplement his pension or other savings he has to make him more comfortable during his old age. But this plan needs the planner or a banker to manage it professionally and efficiently until it is no longer required.  

Answer 2

I wouldn't if I could find another way.  They aren't going to give you the full value of your home   -   they will give a smaller amount, so what they are counting on is that they will effectively 'buy' your property now at a bargain rate, and by the time you die the value will have grown so much that they will have a substantial return for their investment.  Check out the following

http://www.equityreleaseifa.com/aboutequ... also check the Q&A link

http://nhfaequityrelease.co.uk/mortgage-...

http://en.wikipedia.org/wiki/Equity_rele...