Equity release. Would you do it?

I just wondered if anyone has considered it, or even done it?

When we die, our estate is shared equally between our children. Joint will is written to that effect.

However, as fairly active and recent retirees OH and I feel a bit stuck. Our income is now limited . We want to do so much, but funds are short. OH has some debts to pay off and I am not in receipt of my state pension yet. Financially once debts have gone and I get a bit more money every month we'll get by, as we do now, but with a bit more of a cushion.

Having spent time with friends who have a small bolt hole/second home (one set have a lovely tiny cottage down south and others have a beautiful lodge in the Lake District) we have been talking and thinking how nice it would be to have a place we could easily escape to for a break - within 80 miles of home but near the sea or in the hills. (We have gone right off airports and foreign holidays. Getting to places has become so stressful and involves so much travelling, queuing, hassle, delays, hidden costs etc.)

Our house is paid for. No mortgage. If we released equity we could have that small cottage not too far away and our children and GC could holiday there too. When we pop our clogs it would be another asset and bricks and mortar tends to be a good investment.

Anyone else thought about raising money on their property? Anyone done it? Any advice? Thoughts or cautionary tales? Thanks.