As many people get older they may start to face financial difficulties. After all, the state pension does not go very far and if you have savings then the interest rate is so low at the moment that the interest is unlikely to be enough to live on.

Some people choose to use equity release schemes to top up their savings and these are offered by many banks and financial institutions. Basically you receive a lump sum equivalent to the some or all of the value of your house which will give you enough to live on and enjoy yourself.

When you pass away, the house passes to the bank or, if you have only borrowed part of the value, is sold to pay off the loan plus interest.

This can work out especially well if you do not have any heirs as there is absolutely no reason why you need to keep the money invested in bricks and mortar instead of making sure that you have enough money for your retirement years.

Some people who do have children only use this as a last resort as they feel that they have to try and keep an inheritance to leave to their children, but most families would agree that they would prefer their parent to be happy in their later years.