How Safe Are The Plans
Lifetime mortgages and home reversion plans are regulated by UK regulator the Financial Conduct Authority.
If you choose one that is offered by a member of the Equity Release Council it will have a "no negative equity guarantee" which means customers "will never owe more than the value of their home, and no debt will ever be left to the estate".
Things to think about
Before you think seriously about equity release, consider your alternatives. Have you claimed all state benefits for which you are eligible, considered using other savings or assets or thought about renting out a room in your home? If you need money to make alterations to your property because you are less mobile, you may be able to get financial assistance – your local authority may be able to point you in the right direction. For many, the most effective way of releasing equity will be to downsize to a smaller property.
Taking out an equity release plan will reduce the value of the estate you are leaving your family (assuming you plan to spend the money), so it may be worth talking to them about it. You may even want to release the equity to help them out – but check that they want you to do this.
This is a lifetime mortgage. To understand the features and risks ask for a personalised illustration.