Hi all, i need some advice on behalf of my parents. They have been talking about releasing some equity in their home which is worth approx 200k (mortgage all paid off) They have spoken to Saga who reckon they would be able to release approx 55k for them. I am not familiar with equity release schemes so can someone explain what the risk's are? I don't want my parent's to be financially worse off. They plan to split the money between me and my siblings as they want to help us out and see us enjoy the money whilst they are alive. My dad is still in full-time work and is 63 (plans to retire in 2 years) and my mum is 63 also and works part-time and will retire when my dad does. Thanks in advance.
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