Some scenarios

Star81

Hi all. My friends (married couple in their 60s) are considering taking out equity release. They have no children to leave assets to so saving money for that purpose is not needed. They’d like to still live in their home which is mortgage free but are unsure about certain circumstances. Say if they took out a standard lifetime mortgage and one of them passes away, what happens to the house and remaining spouse? And if they should divorce, who, if either, could stay in the house or would they be forced to sell it? And if they took out a lifetime mortgage but then wanted to move later down the line to a bungalow what happens then? Thank you 

Albermarle

Some useful links.
How equity release works and risks involved - MSE (moneysavingexpert.com)

An ongoing forum discussion on the points in the guide.
Equity Release guide discussion — MoneySavingExpert Forum