• Sell your home and live in rented accommodation

  This option involves selling your house and investing the proceeds in income producing investments. The income from these investments is then used to rent a property and for your living expenses. You would only really be able to generate sufficient income to live on if your property was sold for a large sum of money, so this option should only really be considered if your house is worth in excess of £400,000.

• Benefits entitlement

  Have you checked to see that you are getting all of the benefits you are entitled to? It may be that you are entitled to benefits that make equity release unnecessary. Also equity release could affect your entitlement to means-tested benefits so it's worth speaking to your local authorities to consider these areas first. They may be able to offer you grants or assistance with essential home improvements and alterations that you would otherwise pay for yourself.

• Your Savings & Investments

  If you have savings or investments you may wish to consider this alternative.

• Rent out a room

  If your house is sufficiently large you might consider renting out a room to bring in regular extra income.

• A smaller home

  If your family have grown up and they are off on their own financial journey now, your current home may be too big for your needs and you could consider something smaller and more economical to run. In this case, you could consider purchasing a smaller property, leaving you with a lump sum on completion.

Equity release has to fit with your needs, circumstances and preferences, where the benefits need to outweigh the drawbacks and be more suitable than alternative methods of raising funds.