There can be many occasions or stages in life when you analyze the needs of some types of equity release schemes in order to access your wealth. Before going for an option it is always advised to understand each and every option available to you. Since the recent market recession, the number of equity release schemes and providers has come down significantly with lesser number of products and services to choose from. For instance, the market has twenty three equity providers around UK in July 2007 and this number came down to half in the year 2010. However, the interest on the lifetime mortgages are same between 6.54% and 7.38% despite the Bank of England base rate from 5.75% to about 0.5% over the same period.There are different types of equity release schemes through which you can accumulate your wealth.Lifetime mortgages In case of lifetime mortgage you can borrow an amount by giving out a part of your home and choose not to pay any kind of interest until you decide on selling the whole house in future. However in case of death during the loan period, the interest would be compounded annually and almost double in eleven years according to the ongoing rates in the market.House Reversion Plans In this case, you sell out a part of your house and at the same time live in it for the rest of your life. In case of death or prolonged illness and if your property gets sold, the insurance company will disburse their percentage of amount borrowed from the sale price. For example, if you have borrowed twenty five percent of the property, and in case of death, the insurance company will get twenty percent of the sale price, since the value of the property always gains.Lifetime property mortgages become available for individuals who are fifty five and above, while the house reversion policy is for those who are around the age of sixty five or more. If you are a smoker and have serious health problems to your body, which would lead to a decrease of life expectancy, you may get some more favorable terms from the equity release schemes provider.Many pensioners do not want any kind of Equity Release Schemes for their property because they want their kids to inherit the same. But the question arises that when you are suffering economically, can you go with the same option?At 55+ Equity Release, we have been mortgage industry professionals for over 25 years – but for the last four years, we have specialised in the fast-growing field of Release Equity.