Use up savings to buy house, take equity release later if needed?

[NewVillageShop]

I know it's not the best idea but nearing 70 and wanting to be near to family I'm wondering if it could be right in my circumstances.

My house has been on the market for 3 weeks - good interest but no offers so I'm thinking of reducing it to the next Rightmove bracket.

If I managed to sell it and buy the house I want close to family I would be left with £50k savings to last the rest of my life. I don't have a lavish lifestyle - no cruises or anything.

Pension income not high but more than the minimum and I might be able to supplement my income with a part time job.

If the 50k ran out I could take Equity release when I am in my 70s if needed.

Is 50k left over enough of a nest egg and take Equity release later if needed, or is this a crazy idea?

YANBU = Go for it
YABU = Crazy idea

Just ensure you have all the facts wrt equity release @NewVillageShop

https://www.moneysavingexpert.com/mortgages/equity-release/

Thanks for that helpful link @beetr00

You're right, it's an important decision if it ever comes to that and Martin Lewis would be my first port of call.:)

Just ensure the house you buy is energy efficient, ask to see the bills rather than rely on EPC - and find somewhere you won't have masses of driving to do - ideally walkable. This would mean bills are cheap, and you can walk rather than have a car, which will keep you fitter and costs down.
Friend of mine in early 70s works min hours for a supermarket chain = discount on food after qualifying period (reason she took it) + extra income, she intends doing it as long as she can, and is saving lots of money this way.

Thanks @Ariela those are very good points.

Yes it's walking distance to bus stop, doctors and a supermarket. Hadn't thought of working there but that's a great idea.