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The fact is, it doesn't sound like they had a plan when they sold the properties. Just a vague 'let's get rid of all the debt, reduce our risk' thing. But that's short sighted when they still need their money to last another 30+ years. While this doesn't help them at this point, jmillar, you...

Equity is only as good as the bank willing to lend on it. Their problem now isn't even how much risk they want to take, but they'll find it very difficult to use the equity without selling. On the other hand, if they'd kept the 4 properties, they would have had more asset exposure.

Terry, realistically, what sort of LVR / cashout would be available to a couple in their 60s with no other income?

A strategy has to fit their risk appetite. You need to understand what sort of debt levels and what sort of investments they would be comfortable with. Those numbers suggest a very risk adverse couple. Sure, you can put them into shares or property or whatever, but if it causes them to lose...