Wnat to give dc - young adults a house deposit. Is equity realease always a bad thing? And if not , who with / how ?

[Velveteenrabbitt]

Have made many financial mistakes in the past for many reasons I do not want to go into .
So - current situation-in 60s - both Dh and I .
We have very limited savings (to many), but own our own house.
Both dc are mid to late 20s and the deposit for a home is a real challenge. ( the purchase costs and the deposit) .

The only asset we have is our home. Feel like am sitting on a pile of money that we cannot use .
We are aware that dh brother has sold his house , gone into rented , and has been able to
help his dc and has money available to him now.
Another family that I
know has done the same .
For us , we would be worried about the vulnerability of renting in our older age and would but unlikely to be offered a housing association type
Does anyone know if equity release if ever a good option please? And if not, is there any way at all to
release some money to
assist the young folk ?

Df was well off- he left all of his estate to step dm - she is now spending it on very very lavish living - never helps dc out . Her dm lived till 100 - she is very likely in her late 70s now to outlive me ( 61) so inheritance for us and possibly dc is out of the question.

Dont do it. Sell up and buy a smaller house if you feel it is vital to help them.

If you can’t afford to help your Dc with a house deposit, you can’t.

I can’t.

And you have just enough for yourselves. You have no idea what the future will bring over your possible 25-30 years to come.

Downsizing is the only sensible option, a smaller house would mean smaller outgoings and overheads. But really, if you have limited savings and limited pension (?) you need to look at your own needs first. And be realistic.

Over the course of your retirement how many times will you need a new boiler? A new-to-you car? New roof?

And you would be mad to saddle yourself with rent on a pension, let alone the terrible insecurity, in your retirement

Most of us can’t help our Dc financially. Best to do what we can to set them up to look after themselves.

One thing you can do, learning from your (less than ‘D’) father is make a will. Make sure your house is owned as Tenants In Common (you can change it easily if it is currently joint’) and leave your share to your Dc.

Men move on quickly when widowed and put new wife first. Even the best of them who ‘would never do that to our Dc’. But they do. Even if they just neglect to make a new will on marriage, and die intestate, their assets go to new wife.

Long term thought, planning and strategy is what creates financial security.

What @StewkeyBlue said. Make good wills.

I agree with others about avoiding equity release, the amount owing at death was vastly more than the loan.
If you are serious about funding DC's house purchases then could you move into cheap rented in nearby town and let your home out as a holiday home to make money to give them, (although 1k per week does not sound that high for a popular area).
I also suggest you talk to step mum about money .... worth trying.

I don’t think you should move anywhere. I have elderly parents and their ability to live life, their local support and their resources/lack of can be a huge stress too. Don’t put yourself into misery. Your children might decide all sorts of things in the future.