Take into consideration that when entering into any type of equity release scheme there will be set-up costs and ongoing costs which can include:
Arrangement Fees payable to the lender
Legal Fees
Valuation Fees
Maintenance costs - you are still responsible for the maintenance of the property
Insurance costs - maintaining adequate building insurance
Loss of income, such as reduced eligibility for means-tested benefits
EQUITY RELEASE (INCLUDING LIFETIME MORTGAGES AND HOME REVERSION PLANS) WILL REDUCE THE VALUE OF YOUR ESTATE AND CAN AFFECT YOUR ELIGIBILITY FOR MEANS TESTED BENEFITS.