Has anyone advice or experience of Reverse Mortgages for an elderly couple.We would like to free up some of the equity of our mortgage free home.

We thought about this a couple of years ago and was advised to steer clear of it ,I can't remember exactly why but I would suggest that you ask your Solicitor or some same person who will explain it to you in plain language.

Hi Seafarer,
Reverse mortgages sound great but because the interest keeps getting added to the mortgage, very quickly you owe a lot more than you borrowed. Then should you need to sell to get a more suitable house or perhaps one of you dies & the other would like a unit in a retirement village & suddenly you do not have sufficient equity in your house to make the move. Have you thought about perhaps trading down to a cheaper or smaller home to free up capital. Have also heard of a family who bought Mothers house so that she could travel etc while she was still fit. Do talk to your lawyer or ring your local Citizens Advice who should be able arrange a free legal appointment for you. Good luck

Thank you Benny and Gaby. Selling and moving to a smaller home was our first option but since the earthquake. (We have minor structural damage) there is no interest from buyers whatsoever, which is understandable. Seems like we are stuck with it!
However will definitely seek all the advice we can get.
Thanks again

I believe the original American idea of "reverse mortgages" is that the company buys your home, gives you your equity in cash and you are able to go on living in your house for some kind of agreed-upon fixed term -- maybe until you die or move out; then, the company sells the house at a profit.