Can you get equity out your house if you've paid your mortgage off?

[ssd]

How does it work?
I'd like the give the dcs a deposit for a flat, say 10k each, but I don't want to downsize yet to do it.
C as n I borrow the money against the house?

You can, but be VERY careful. you can get caught up in rolling interest which will cost you a fortune!

What's rolling interest?

Yes you can in a couple of different ways if you are still working and under 55 you can look at a standard remortgage
If you are over 55

1. remortgage (income dependent) fixed term exactly the same as your old mortgage
2. Retirement interest only mortgage - mortgage that runs for the rest of your life time where you only pay the interest on the amount borrowed.
3. equity release - the interest rolls up and the amount you can borrow depends on your age, health and property value. Some of these also give the option to pay up to 10% each year of the amount borrowed.