In our weekly series, readers can email any questions about their finances to be answered by our expert, Rosie Hooper. Rosie is a chartered financial planner at Quilter Cheviot and has worked in financial services for 25 years. If you have a question for her, email us at money@inews.co.uk.

Question: I am 80 years old and my wife is 76. Our only income is the state pension, which between the both of us amounts to £1,100 per month. We cannot afford holidays or such luxuries simply because there is not enough income left over to save for them. We have pursued the possibility of equity release, having no mortgage, however we’re being told that our property construction bars us from that possibility. We live in a two bedroom, semi-detached £250,000 home which my wife owns outright. We have now been together for 54 years. My wife would like to release capital simply to enjoy life a little more by travelling?

Answer: What comes through from this question most strongly is not a lack of prudence or planning, but a very understandable frustration. You have done the right things, you own your home outright, you live within your means, and yet the shape of your income and your property now feels as though it is limiting rather than supporting the life you want to live in these later years.

It is also important to say this plainly. Wanting to enjoy travel, comfort and a little freedom in your seventies and eighties is not a luxury wish. It is a reasonable ambition after a long working life and more than your share of health worries.

You have already discovered the hard truth about equity release. Many lenders will not lend against certain types of non-standard construction, including some steel-framed homes built in the 1960s. Once several providers have said no, it is usually a dead end. Revisiting the same ground rarely changes the outcome and can be emotionally draining. Accepting that, as you clearly have, is actually a constructive step forward.

So the real question becomes not “how do we extract money from this house?” but “is this house still serving the life we want to live?”

At the moment, your home is providing security, but it is not providing flexibility. All of your wealth is locked into bricks and mortar, while your day-to-day income is tight and leaves no room for enjoyment. That imbalance is the core issue.

This is where a conversation about moving, rather than borrowing, can be surprisingly liberating.

Downsizing does not have to mean giving something up. Very often it is about buying something better suited to the stage of life you are in now. A smaller property, whether a retirement flat or a well-located one-bedroom home, can dramatically reduce council tax, energy bills and maintenance costs. Just as importantly, it can release a meaningful lump sum.

With a property valued at around £250,000, even a modest move could potentially free up tens of thousands of pounds. That capital could be used to supplement your income, fund travel, pay for help around the home if you need it later, or simply provide peace of mind. In many cases, the psychological relief of having accessible savings is just as valuable as the money itself.

Retirement housing is worth considering carefully rather than dismissing. Modern over-55 or over-60 developments vary widely. Some offer little more than age restrictions and a lift, while others provide social spaces, onsite managers and a ready-made community. Being near shops, transport and healthcare matters far more than square footage. So does being somewhere you can still feel independent without being isolated.

There is also a lifestyle question that only you can answer. Do you want space for visiting family, or would you rather have less to look after and more freedom to lock up and travel? Would you prefer to stay close to familiar surroundings, or would a move closer to amenities improve daily life? These are not financial questions on the surface, but they are central to making the numbers work for you.

You rightly raise the issue of care and ownership. Keeping the property in your wife’s name and taking legal advice before any move or purchase is sensible. While estate planning does not sound like your primary concern, understanding how assets are treated if care is needed later is part of protecting each other. A solicitor can help ensure any decisions are made with eyes open, rather than storing up problems for the future.

What matters most is this: these are not years to be spent merely “getting by”. You have already beaten the odds once, when you told me you didn’t think you would live another 20 years. The aim now should not be survival, but comfort, dignity and enjoyment.

If equity release is closed off, that is not the end of the road. It is simply a signpost pointing in a different direction. A thoughtful move, done on your terms while you are both well enough to manage it, may give you exactly what borrowing never could: freedom, flexibility and the chance to enjoy the life you have worked so hard to keep.