First of all, the term equity refers to your home’s value less any mortgage or another type of debt you could be having against it. Equity release means merely means release of this equity in order to get an income. Equity release companies target people who are 60 years or over. These are the people who in most cases have retired. These people are first of all provided with an equity release calculator in order for them to determine the amount of equity release that they can get.

In order to understand equity release UK plans, you have to first understand that this is cash that is kind and therefore you want to make it available for use. In most cases, equity release companies provide you with a lump sum and you can therefore use in whatever manner that pleases you.

Another alternative provided by these companies is whereby you keep getting income regularly for the remaining days of your life.