Equity release is a means of retaining use of your house or other object which has capital value, while also obtaining a lump sum or a steady stream of income, using the value of the house.
The "catch" is that the income-provider must be repaid at a later stage, usually when you die. Thus equity release is particularly useful for elderly persons who do not intend or are not able to leave a large estate for their heirs when they die. The reverse mortgage is a form of equity release available in the United States, for those aged 62 or more.
Read more about Equity Release: Types of Arrangement, Advantages, Disadvantages, United Kingdom
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—John Jerome Rooney (1866–1934)