Equity Release, unlike a traditional loan, offers you the ability of making no repayments until you or, your spouse, if later, dies, or needs to move into a care home or similar. There are basically two different types of Equity Release Schemes:Lifetime Mortgages, formerly called roll up mortgages, or cash release schemes .
All equity release products involve borrowing against, or selling all or part of your home, and they may work out more expensive in the long term than downsizing to a smaller property and banking the difference. They may affect your entitlement to some State benefits and grants. See Equity Release Information.