Any companies who will help my parents release the equity on their steel framed house

Smallbloke

Hello.
This is my first post to a forum like this so please bear with me!

My parents own a steel framed house which was built back in the 1970's. They have now both retired and have been looking at ways to get a few extra pounds in their pockets. One option they've looked at is releasing the equity in their house but...as it's a steel frame, they're not having a lot of luck.

They had a structural survey a couple of years ago to make sure that the frame is still 'sound' and it came back with no problems.

My question is: does anyone know a company who MIGHT accept the house for equity release? Moving home isn't really an option for them as they've spent the last 40 years getting the garden exactly how they want it and there's also a massive train set in the loft which my Dad would never leave, but which would be an absolute nightmare to move!

Has anyone else had any joy with this sort of thing (equity release...not moving a train set!) Do you think they're wasting their time looking? Are there other options for getting a few extra quid in their pockets without having to move? Any ideas and advice would be very welcome.

thanks

uk_american

There is the government Rent a Room scheme, if they have a spare bedroom they can earn up to £2450 tax free/year, set to increase to £7500 in the next tax year.

https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme

I know a couple who do this as their children all moved out. They only take in foreign students as they enjoy having young (16-20ish) age peopled around and they're only usually here for a semester, so quite serious in their studies, e.g. not a hassle as a lodger.

Some prefer to take the 'meal' option they offer, to be able to practise their English while others prefer to be more independent and do their own meals/laundry.