Equity release, also known as lifetime mortgages, allows you to withdraw cash from the equity you have built up in your home over the years.

An equity release plan enables you to release money tied up in your home by providing a loan secured against the value of your property. This loan does not need to be repaid until you die or go into long-term residential care.

The main benefit of equity release is that it allows you to stay in your current home while releasing tax-free cash, which you can use as you wish.