When opting for a lifetime mortgage, the most common equity release plan, you have the flexibility to choose between three options:

• Lump Sum: Ideal for significant one-off expenses like repaying an interest-only mortgage or major home improvements.
  
  

• Fixed Income: Suited for covering monthly outgoings, providing a steady stream of income.
  
  

• Drawdown: If you need a small initial amount now and anticipate smaller future needs, drawdown plans allow you to borrow as needed, with interest paid only on the amount withdrawn.
  
  

Consider your specific financial goals and needs to determine which option aligns best with your situation.