Basically --- Yes ! There is enough equity to trigger the equity release provisions. So, you will need to attempt to remortgage (or, according to which version Ts &Cs your IP used, obtain a secured loan). If you are unable to release equity the IVA will be extended by 12 months. You will not be required to sell your home.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk