Before you decide to take things further, you should bear some things in mind. For example, there might be ways to maximise your income without taking out a new financial product. Or there might be other, more appropriate, ways to raise money than equity release.

To maximise your income, it’s worth making sure you’re receiving all the state benefits you’re entitled to, such as pension credits or it may be worth looking into what government grants are available.

To raise money, by selling your house and moving to a cheaper one, or downsizing as it’s known, is one option. If you need to live in a smaller house, or want to move away, perhaps to be closer to family and friends, then this is a possible solution. On the other hand, moving is not for everyone.. You might be perfectly happy and comfortable where you are. And moving can be both expensive and a big upheaval.

Another option that might work for some people is to sell up and rent a property. There are specialist agencies who arrange retirement letting. And if you need funds on a temporary basis – perhaps because you’re expecting an inheritance in the future – a straightforward loan or interest-only mortgage might be more suitable.

Also bear in mind that if you currently receive or anticipate receiving means-tested state benefits, you might lose your entitlement to them if your circumstances change and your income or savings increase. 

These are some of the reasons why you must get impartial, specialist advice before doing anything.