Access to funds
The upside though for many, across the last few decades, is how the value of your home may have increased. This has resulted in a sizeable number being relatively cash poor, but asset rich through property wealth.
If you need extra funds, and are happy to move, then you could downsize and raise the money this way. However, should you wish to remain in your current home, then an alternative exists - an Equity Release plan.
There are a number of different options to help meet varying needs, but basically you can raise funds (up to agreed limits), and not even have to pay off any capital or interest at any point during your lifetime, if that's the route which best suits you. The provider of the loan would reclaim the capital (and any accumulated interest) through the sale of the property, once the final planholder dies or moves into long-term care.