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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsEquity release is not the only way to meet retirement costs. Depending on your income, savings, home and priorities, you could review pension income, use other assets, move to a less expensive home, sell and rent, or consider a retirement interest-only mortgage. Each route has different costs and consequences: compare the cash left after fees with any future payments, change to your housing, and effect on benefits and your estate before deciding. This guide covers options in the UK; it is general information, not a personal recommendation.
Start with the income and support you may already have
Check your State Pension and other income
Before taking on borrowing or selling a home, establish your State Pension forecast and list the income you already receive, including any workplace or personal pensions. This helps identify the size and timing of the shortfall you actually need to fund.
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Review personal pension choices
For a personal pension, options may include flexible access or buying an annuity. With drawdown, your pension remains invested and withdrawals reduce the pot available for later; investment values can change. An annuity exchanges pension funds for income under its terms, so the income arrangements depend on the product you choose. Neither option is right for everyone. Read the current explanation of how you can take a personal pension and consider regulated financial advice before making a decision with lasting consequences.
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Cash savings or non-housing investments may meet some expenses without securing a loan against your home. But using them has an opportunity cost: you will have less set aside for later needs, and selling investments may mean giving up future returns or acting when their value is down. There is no universally suitable order for drawing on pensions, cash and investments.
Check how a change in your income or capital could affect means-tested benefits and local-authority support before moving money or making a withdrawal. The rules depend on the benefit and your circumstances. GOV.UK’s guidance on pension freedoms and DWP benefits explains why pension access can matter to benefit entitlement; use current benefit checks for your own situation rather than assuming a particular choice will preserve support.
Would moving home release enough money?
Downsize to a less expensive home
Selling a larger or more expensive property and buying a less expensive one can release the difference in price while allowing you to remain a homeowner. The useful figure is not the sale price minus the new home’s price alone: account for estate-agent, legal, survey, removal and purchase costs, as well as any debt that must be repaid. You will also be changing your home, space and possibly your location, so weigh the practical effect against the net cash released.
MoneyHelper’s guide to downsizing in retirement recommends considering lifestyle effects and checking whether changes to income or savings affect benefits.
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Selling and renting can free more of the value tied up in your home than buying a cheaper property, but it replaces ownership with an ongoing rent bill. Consider likely rent against the cash released, local rental availability, tenancy security and whether you are comfortable with less control over future rent increases or a landlord’s decision to sell. MoneyHelper discusses both downsizing and renting in retirement.
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Could a retirement interest-only mortgage work?
A retirement interest-only (RIO) mortgage is borrowing secured on the home. You make monthly interest payments, while the capital is generally repaid when the home is sold. It may let you stay in your home and access money, but it is not a way to avoid repayments altogether: the interest must remain affordable, and the loan capital still has to be repaid.
Test affordability against a changed-income scenario, including what would happen if one partner died or household income fell. Eligibility, rates and terms depend on the borrower and lender, so do not assume a RIO mortgage will be cheaper or available to you. MoneyHelper outlines RIO mortgages among the alternatives to equity release.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Compare the choices against the same questions
Use these questions to compare routes, including any equity-release proposal you have been offered. No single option is best for every household.
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| Route | Can you remain in your home? | What must you weigh? |
|---|---|---|
| Pension income | Often possible; this route does not itself require a house move. | Drawdown leaves funds invested and withdrawals reduce the remaining pot; an annuity provides income under its terms. |
| Savings or other assets | Often possible; this route does not itself require a house move. | Money used is no longer available for later needs, and income or capital changes may affect benefits. |
| Downsizing | No; you move to another home. | Net proceeds after transaction costs, the suitability of the new home and location, and the lifestyle change. |
| Sell and rent | No; you give up ownership and become a tenant. | Cash released compared with ongoing rent, rental availability, tenancy security and less control over rent changes or a landlord selling. |
| RIO mortgage | Potentially; you borrow against the home. | Whether monthly interest remains affordable and how the capital will be repaid when the home is sold. |
For each option, work out how much cash remains after fees, tax and debt repayment; whether it requires a move; what regular payments it creates; and how it could affect benefits, care support and your estate. Also ask how reversible the choice is if your health, income or housing needs change. The Financial Conduct Authority’s review found examples where alternatives were discounted with little consideration and cautioned that short-term gains can be outweighed by long-term costs. Its review of equity-release sales and advice stresses that suitability depends on the customer’s needs and circumstances.
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Get help checking a recommendation
If you seek regulated financial advice, check the firm on the Financial Conduct Authority’s Firm Checker and make sure the adviser has considered your circumstances and alternatives, not just the amount you could release. MoneyHelper also advises exploring alternatives and checking an adviser’s FCA registration. Advice is particularly important where the choice affects a partner, means-tested support, care costs or the estate.
Home reversion is another equity-release product, rather than a route that avoids equity release; MoneyHelper explains it in its home reversion guide. If your aim is specifically to avoid an equity-release arrangement, distinguish that from alternatives such as pension income, a home move or a RIO mortgage.
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