Equity release as a pension - worth it after 55 yrs old?

[wax lyrical]

Assuming property value of £1m and mortgage of £370k, 12 years left to run.

Just curious about my options. No kids, so don't need to leave any 'Estate' to the next generation.

Just me and my wife.

[dalenorth]

I’m not sure ER would be much of an option here. Have you looked at a lifetime mortgage?

[omniflow]

I presume you're in the process of paying off the £370K mortgage - in which case I don't understand why you've mentioned it, as it's not relevant.

At 55 you'll be able to get something like 22.5% - 25% of the valuation of your house as equity release. If you figure you can live on this then great, but I suspect you won't be able to.

[LeoSayer]

Very similar thread last week:

https://www.pistonheads.com/gassing/topic.asp?h=0&...