Equity release schemes (ERS) are primarily of two forms – loan model ERS and sale model ERS. The loan model ERS, which is also known as lifetime mortgage, enables homeowners to borrow money against the value of their property, without losing their ownership. In this form, the amount lent is recovered through the sale proceeds of the house. The sale model involves immediate selling of the house. Homeowners convert their house to cash by selling a part of or the entire property to the ERS provider, while retaining their rights to live in the house. Sale model ERS are also referred to as home reversion schemes.