We did a draw-down in 2009, having paid off our mortgage. Our fantasy was that we'd get a few things fixed, and then do some interesting stuff like holidays etc while at the same time reducing IHT for our children. A very long-term friend, a City gent with a lot of financial knowledge recommended Godiva.
It was the stupidest decision we ever made. My husband died suddenly a few years later, so plans fizzled out. Our friend, the financial advisor, also died, followed shortly by the suicide of his wife because she couldn't face losing the house that she loved. At the time we did the drawdown, interest rates were 6% where they have remained unchanged. Add to that compound interest... well, what a nice little earner we have all been for Goviva!
Our drawdown was 'lifetime', meaning that we'd never lose the house. These companies collect when you either die, sell the property or go into so-called 'care'. Death's the easiest one - other people's problem after that - but 'care', if needed, costs a fortune, and house-selling isn't exactly cheap.
In retrospect, I'd always advise downsizing, and yes I know now exactly what we should have done and didn't. These companies are sophisticated well-heeled loan sharks. Avoid them like the plague.