You must take advice from a qualified equity release adviser to apply for a lifetime mortgage; there’s no other way to do it.
The amount of cash you can release depends on things such as your age and the value of your home. With a lifetime mortgage, you can take either a lump sum, where interest accrues on the full amount from day one, or following an initial release in a number of smaller amounts, known as a drawdown. This could save you thousands in interest if you don’t need all the money straight away.
There are typically no payments to make as the loan, plus roll-up interest, is repaid when the plan ends, usually when you either pass away or move into long term care. The interest typically accrues, then rolls up and is added to the loan. This is also known as compound interest.