There are three ways to release equity from your home: downsizing, a Home Reversion Plan, or taking out a Lifetime Mortgage:
Downsizing involves moving to a cheaper property, though this potentially means moving away from your home and community.
Home Reversion Plan sells part of your home so you can still live there, but you won’t be the full owner.
A Lifetime Mortgage means you remain the full owner of your home for life so you do not need to sell or move. There is no need to make monthly payments with a Lifetime Mortgage unless you choose to, and there is the option to guarantee an inheritance and place some funds in a reserve account to withdraw when needed.