There are many reasons why people take out an equity release plan:
To take out an interest-only mortgage to pay off an expensive repayment mortgage
For home improvement
As a gift to children which could help to save on inheritance tax
To help children get on the property ladder
To consolidate debt into a single manageable pot
To supplement your income if your pension isn’t quite enough to live on
To avoid moving out of a property to raise money
To pay for care fees or care at home to look after an ill relative