Encumbered property

Retiredbuyer

I own a house outright. I want to release equity. We don't live in it. It has been used in past year for Airbnb. We are in our late 60's. I owe £11k mortgage on house we currently live in. Should I go for equity release by selling a portion off? We have no children to worry about. 

Brie

Do you need the money?  (silly question perhaps).  Is it to clear the mortgage on the other house?  If so will you actually gain on the deal by getting equity release?    An £11k mortgage is not a huge amount but I realise that not having this to worry about might be a major thing for you.  

Any reason why you wouldn't just sell the 2nd home and get rid of the Airbnb aggravation?  Obviously you also get rid of the income and you'd have to pay CGT.  

If money is tight and either of you need help paying for care (either at home or not) what would the local council do about the second property.  I know that normally they would expect it to be sold but perhaps not if it's providing needed income.  

Sorry I seem to be asking questions rather than answering any....

Retiredbuyer

Thank you.
Yes I want to clear current mortgage, buy an adapted vehicle (mobility issues) and have a small pot to draw on in retirement. 
Have thought of selling too. 🤔