I have some questions about equity release, please.

Firemant

retiredbanker1 said:

If you have no dependants have you thought of selling up and renting or even downsizing?

As the OP has no descendants, presumably  like their home and location, why would they deprive themselves of this and pay VERY significant expenses to move home? Apart from the potential of home care fees, why would they be especiaally interested in preserving an estate, at the cost of their own convenience and lifestle?

Susieq28

Did you go through with this and did you need to pay off your current mortgage?
I am looking at doing equity release myself.

MWT

Susieq28 said:

Did you go through with this and did you need to pay off your current mortgage?
I am looking at doing equity release myself.

In this case they did not have an existing mortgage, but if you do, then yes, it must be fully paid off, but that can be done using some of the proceeds of the equity release.

What you cannot do is keep your current mortgage and add equity release as well.