can anyone explain in laymans terms how this works…please.

There’s more than one option… https://www.moneyadviceservice.org.uk/en/articles/equity-release

just the person i hoped would answer……. 😀

To me those two options look parasitic.

The US name for equity release, Reverse Mortgage, probably describes it better. My parents had an equity release and it worked well for them to get some money for their later years. The money that goes back to the equity release company soon adds up though especially with the interest rates they charge.

This is the important point. Doing this whilst still (relatively) young can eat all your house value. For many folk it becomes a choice of how much they will be able to leave to their kids vs having access to “savings” now.

It can also work as a short-term “loan” if interest rates are favourable and you know you’ll be able to pay it back.

it does not appear to work the way i thought.
a loan would be a better option for me. thanks.

You could remortgage to release the equity