The obvious benefit is extra cash flow which you might need. Just think how well off you could be if you didn't have to make your mortgage payments anymore.
The obvious downside is if you don't make any payments, interest is compounded and it can reduce your equity and inheritance.
We've all heard of downsizing. Now under the right circumstances you can upsize without any outlay required.
For example Mr Smith may wish to move to a cottage near the sea that's 50% more expensive than his current home. Retirement lenders lend on your age and the value of the property your looking to buy. Mr Smith has no mortgage and is 78 years old so no problem. Mr Smith can move to the property of his dreams with no loss in income.
A Lifetime retirement mortgage can be used to help you reduce your Inheritance Tax. See a suitably qualified tax adviser for further information.
Knowledge is power and the power to reduce your IHT bill legally is available to you right now. It's all a question of do you want to leave 40% to HMRC or do you want to leave it to your beneficiaries.
Everyone gets older and inevitably we will all die careful planning now will ensure your wishes are upheld and your legacy remains intact.