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Equity release is a type of home equity loan which mainly consists in borrowing money from the value of your home with the benefit of keeping your home. This assures the applicant a constant income, using the market value of his house.There are two types of equity release loans:lifetime mortgagehome revisionThe borrower’s eligibility depends entirely on the following main factors: he has to be over a pre-established age (most financial institutions state the age of 50) and he has to own his home.A lifetime mortgage provides a loan that is secured on the applicant’s home, representing a guarantee for the lender that they can get their money back after selling the home. This doesn’t mean the borrower doesn’t own his home anymore, as he keeps the legal title to the home and holds the responsibility of ownership also weight loss tips having to pay the costs adjacent to ownership, although he has to pay back the mortgage on it.The borrower repays the mortgage after the procedures of selling his house in case he dies or moves out to a care home. Interest payments are included in the capital throughout the whole term of the loan.A home reversion has other procedures that differ a bit from the lifetime mortgage ones, as the borrower sells the entire or a part of his home to a third party which could be either a reversion company (a company that buys or arranges someone to buy) or an individual. The difference is that the borrower doesn’t own the part or the whole home anymore but continues to live in it as long as he wants, as a tenant to the individual or the reversion company. The home is sold after the borrower dies or moves out to a care home.