Equity release

I would think it would make her more likely to have her care funded by the state. But I agree Equity Release can be a nightmare.

Well it can work for some people, but it does need to be very carefully gone into, as it's not suitable for everyone.

Some people pay the interest each year so the original debt never grows, and some like your parents just let it build up. That can be a way to avoid the dreaded inheritance tax.

I guess the plus point is that their house will have risen in value quite considerably over the 18 years, probably by far more than the £135,000 interest

Equity release,
I’m thinking of equity release, am single, 62, live alone, work part time , pre Covid worked several ad hoc jobs including nannying via agency. Work is very sparse now and I’ve taken to delivering amazon parcels. Health wise I’m struggling a bit with arthritis in back, awaiting physio. Any advice would be welcomed

Hi Barbs1, sorry I've only just rejoined GN so only noticed your post this evening.
We're both retired and have just released equity on our property. So far so good!
We used the charity 'Step Change' and they gave us brilliant advice to suit our needs. They're independent advisors and the service is free. We couldn't have received better or more personalised advice if we'd paid!
We're assured of staying in our own home until the last one of us passes away or moves into long term care and we've released enough £££s to make improvements to our property AND have been able to help our FAMILY out financially (at a time in their lives when they need the cash) . We're very pleased and excited for us all. PM me if you want any further info. All the best ?

Barbs1 Have you considered downsizing rather than equity release?

Barbs1. I understand. I retired on ill health grounds and subsequently released equity to extend this house. My advice to you would be to look at Nationwide if you can. They offer equity release as well as Interest Only Retirement mortgages. Please be sure if at all possible to get a plan which will allow you to pay the interest, thus fixing the borrowing at around the original level. Perhaps also you could potentially look to claim Personal Independence Payment for your health issues. Please pm me should you wish to discuss further.