An Equity Release Lifetime Mortgage works in similar way to how a normal mortgage works. You take a loan out, and then you the value of your home is used as security for borrowing the money.
The difference between a normal mortgage and the Equity Release Lifetime Mortgage is that there are no monthly payments!
The loan (plus interest) is repaid from the sale of your house when you either die or go into long term care. If you are a couple, this applies when the last surviving member passes away or goes into long term care.