Why consider equity release?
In the last couple of years, they've found that their state pension doesn't stretch too far - and their savings don't provide as much extra income as they'd like.

So Margaret and Bill are looking at another source of money which many people in their position ignore: their home. In fact, for most people, their home is their single biggest asset. And many of them (like the Greens) will own their home outright.

Some facts about the UK's homes
Home ownership in the UK has been encouraged over the years with low-cost mortgages. According to Land Registry February 2008 figures, the average UK house is currently worth £222,256. So many over 60s will have a lot of value - or equity - tied up in property.

When selling isn't an option
Margaret and Bill have thought about selling their home and downsizing, but as it's a small bungalow, this isn't practical. So they're looking to turn their bricks and mortar into pounds and pence.

For Margaret and Bill, an equity release scheme or ‘lifetime mortgage' may be the answer. By borrowing against the equity - or value - in their home, they can release extra cash to boost their income. This could make a real difference to their lives - perhaps allowing them to take the occasional holiday abroad or upgrade their car - without having to sell their much-loved home

The practicalities
The loan is not paid back within their lifetime, or while they are living in their home. Instead, it would be paid back when Margaret and Bill die or move into permanent care.

The advantages for Margaret and Bill are they can hold onto their home and have no monthly repayments. And importantly for the Greens' children, their estate will never be left in debt, even if house prices fall.

They can also set aside a percentage of their property's value to leave as an inheritance, so long as the scheme conditions have been met.

Who could get an equity release mortgage?
Margaret and Bill are eligible as they're over 60. Their property will have to be valued at a minimum of £70,000 and they can borrow from around 20% of the value (up to 50% if they were older).

If their property does qualify and they later decide to move, most providers will allow them to continue with their plan providing their new home meets all the requirements.

Getting specialist advice
Margaret and Bill decide to talk to an independent financial adviser who looks over their entire financial situation.

They are told they will have to pay for a survey to assess the value of the property and they will have to pay for any legal fees - although both these costs may be reimbursed in part or full if they proceed with the plan.

They are also advised that the income from their plan may reduce their entitlement to any benefits. Margaret and Bill will still have to pay council tax, the annual buildings insurance premium and any maintenance costs required to keep the property in good repair.

They go home and discuss it with their family. The family say they should go ahead as they want to see their parents live their years to the full. Margaret and Bill go ahead with a lifetime mortgage and enjoying the benefits: a recent two-week break in Spain and a new car.