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<<A financial planner has recommended that as a means to gain additional income for my in-laws (cash poor house rich scenario) is that planner holds and invests the equity in the house as a means to generate monthly income. Both our in their mid 70's. Any drawbacks or alternatives that we need to think about?>>

The [potentially very large!] fees that the financial planner will charge. Directly and indirectly.

Read O'Shaughnessey's book "How To Retire Rich". Particularly the chapter on the "Utility-Dividend" strategy. You can do this yourself without paying 4%-6% fees.

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