Usually, equity release is packaged as a lifetime mortgage. This is a loan that is secured against your property. When you die or move into long-term care your home will be sold (or the debt bought by a family member) and the money will be used to pay off the loan and accrued interest. The contractual specifics depend on the package and the lender. Your advisor will be able to walk you through the equity release process in a way that is easy for you to understand.