Home Reversion Nightmare

Jacobelle

My parents were victim of mortgage fraud in 2007 this was successfully defended and the property was put back in their name. The fraud was perpetrated by their son in law who also made numerous debts in their name. My parents are 63 and 68 they have lived in their home for over 30 years. They are faced with having to work into retirement due to damage caused by the son in law. The property value is 340k. Due to do many debts they were incorrectly advised on a home reversion where upon they received 125k to clear all debts and after three years they would have to leave the home and be given 55k. My fathers health is very critical and they now have nowhere to go after these 3 years they were supposed to retire to Portugal yet my father can no longer travel. Are they able to give back the deposit plus any expenses that the buyers incurred and withdraw from the contract that was signed two years ago? It was sold to a real estate company. Or will they be sued for breach of contract and do they have any legal options? We are willing to pay compensation to save our family home. My parents live with my disabled sister who is 26. I would be grateful for any help.

somethingcorporate

Do they have legal cover on their home insurance? I think you need professional advice on this.

xylophone

It seems to me that your parents need qualified legal advice as soon as possible.
http://en.wikipedia.org/wiki/Equity_release

"The UK equity release market is now fully regulated. Both lifetime mortgages and home reversion plans now fall under the remit of the Financial Conduct Authority (FCA). Prior to FCA regulation, many lenders signed up to Equity Release Council (ERC) formerly known as Safe Home Income Plans (SHIP), a voluntary code of conduct that provides a number of guarantees."