There are many reasons for people to take out an Equity Release Plan. They can be segmented to some degree according to need or desire.
Those with long term care issues who use Equity Release to release cash from their property to pay for long term care at home rather than enter residential care.
The vulnerable old on very low income, this group need the plan to either clear long term debt or to provide income on top of the state pension.
The newly retired or approaching retirement, this group have high expectations of retirement and may have what appears to be adequate pension provision to maintain a reasonable standard of living. However they may use Equity Release to fully maintain previous standard of living, they may also use it for aspirational purchases or to fund dream holidays.
Those on a high income in retirement may use the plan as a part of an overall tax and estate planning strategy.
The above is a very brief synopsis of the ways in which equity release can be utilised to provide the solution to many different problems or requirements. The common theme which is required in every scenario is the need to take independent, specialist advice from an equity release professional.