Equity, in mortgage terms, is the excess of the market value of a property over the outstanding amount of any loan or loans secured against it. Equity release plans are designed to enable homeowners who do not have a mortgage on their property to release some of the equity or cash in the property in order to provide capital, or to supplement their income. A homeowner with a small mortgage might also be eligible; the existing mortgage would have to be paid off as part of the agreement. Most schemes are available only to people over a certain age, commonly to those over 60 (and may have a minimum age of 70).