Con's

• They might affect your entitlement to benefits, or support from your local authority, as any money you raise through equity release is likely to affect the assessment of your income and capital.
• The inheritance you pass on to your beneficiaries will be substantially reduced and won't include your home itself.
• They can be inflexible if your circumstances change - you'll usually need the provider's permission for someone else, such as a relative, carer or new partner, to move in.
• You might need to pay arrangement, valuation and legal fees.
• If you sell up or die soon after taking out a plan, your estate could incur a loss.
• You might not be able to transfer all of the debt if you move to a smaller property.
• You will be required to have buildings insurance.
• Lenders will expect you to keep your home in good condition, so you will need to set aside some money for repairs and maintenance.