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There are two main types of equity release plan: With a lifetime mortgage, you take out a loan, secured on your property, and receive that amount as a tax-less lump sum. Instead, the interest rolls up, and the loan plus interest is repaid after your death, when the property is sold.

A variety of loan types allow homeowners to tap their equity. If you owe less on your home than the home is worth, you have a valuable asset--equity. Pull out the equity in your house with a home equity loan or a refinance of your first mortgage.

It depends on the appraised value of your home. Your first step is to visit your local bank and ask them about a Home Line Equity Line of Credit (HELOC). They can then walk you through the process with current rates, maximum amount you can borrow and the terms of the loan.

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Equity release refers to a range of products that let you access the equity (cash) tied up in your home if you are over the age of 55. You can take the money you release as a lump sum or, in several smaller amounts or as a combination of both.

An equity release application usually takes somewhere between 6 to 8 weeks for a lifetime mortgage scheme and 10 to 12 weeks for a home reversion plan, assuming the title on the house is clear. An Equity Release adviser will be able to help you to establish an estimated time frame when you make your initial inquiry.