There are a number of people who are simply been discarded from equity release plan just because they had certain problems in their past, but the release of the new booklet just managed to dispel all the fear and weigh enough benefits from past drawbacks. There are two different types of equity release schemes, home version and lifetime mortgage. Under the first type a part of your home or entire home is mortgaged for lump sum money which you can always use to pay your expenses. Under thea lifetime mortgage, you may get to retain the ownership and a secured amount of loan is taken away from your property.