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People shouldn’t take equity release full stop. Even if there is no-one to which you could leave your estate, circumstances can change and any future partners would be out of a home if you died first.
These bloodsuckers aren’t doing it for our benefit. With the interest compounded it is very unlikely that, when the time comes, there will be anything left of your estate no matter how little you released.
I have known quite a few people with virtually their entire net worth tied up in their home who have spent the later part of their lives living like paupers. Their children then going on to inherit the house and living the life of Riley on the proceeds. They would all had a better quality of life in there later years if they had either down sized or taken out ER and if I was in that position I would not hesitate to do it.
It wasn't a scam, and as another poster has pointed out, the compound interest & capital repayment amounts to nearly £200k. Without the opportunity of house price rises, the banks would never have made the product available. To have used this type of product suggests no other alternatives were available to them, including borrowing from family
