Herbie..I,m not a broker or financial adviser,but was in property for most of my working life,mostly as a Chartered Surveyor doing mostly mortgage valuations.
As I understand it there are 2 types of loan available.A mortgage from the likes of Nationwide designed for retired folks like you and me,or a loan from an Equity release company.
You need to get independent advice on this and DO NOT rush into it.Brokers and Financial Advisers make their living from selling financial products,so try to get recommendations from friends.There are some very good people out there who will give you good advice,but they are probably outnumbered by the sharks.
Get a few opinions and don,t rush into anything.Good Luck with it...I,ll probably be going down the same route too.
David