The main difference between a secured loan and an equity release is that a secured loan is a type of loan that requires some form of collateral, such as property or a vehicle, in order to be approved by the lender. This means that if you are unable to make the repayments, the lender can take legal action against you to recover the money. An equity release, on the other hand, does not require any security and is usually taken out by homeowners who wish to access some of their home’s equity without having to sell it. Equity releases can be used for a variety of purposes including home improvements, debt consolidation, or even holidays. It is important to remember that taking out an equity release could reduce your estate’s value and therefore should not be taken lightly.