Equity Release Occupant Waiver

Damian74

I live in Birmingham and three years ago my mother took out an equity release mortgage and I was required by the solicitor to sign an occupancy waiver. However, I did not sign it despite the fact that the solicitors sent me several requests to do so. Regardless of this the mortgage went through and my mother received her money.

My question is should my mother pass away will I have any claim over the property before the mortgage company? (I did read on another website that any other individuals living in the property must sign an occupancy waiver before the mortgage can complete so I'm confused about this.)

Thanks in advance for any help.

csgohan4

What does your mother say about this?


What you could be asking is what I could have done to help my mother not take out an equity release scheme or at least inform her of the pros and cons.


Not, will it affect my inheritance.


She released funds from her property to get some money for personal use and this will be taken out of the property on sale on her death, Meaning less inheritance from you.

davidmcn

Damian74 wrote: »

My question is should my mother pass away will I have any claim over the property before the mortgage company? (I did read on another website that any other individuals living in the property must sign an occupancy waiver before the mortgage can complete so I'm confused about this.)

Who would inherit the estate? Bear in mind that, leaving aside whether the lender has the right to evict you, the debt would need to be repaid from the estate.

ACG

The lender will be entitled to whatever it is they are owed, if there is anythign left over you will get that...assuming you are the sole next of kin and there is a Will etc.

If I were you, I would plan for the date that happens rather than assume you did not sign the form so there is nothing they can do. I bought my house a couple of years ago, a few months later my girlfriend moved in. She has not signed any waiver form, but I know the lender would get the house back should the mortgage not get paid or something were to happen to me.

Damian74

Thanks for all your responses.

ACG wrote: »

I bought my house a couple of years ago, a few months later my girlfriend moved in. She has not signed any waiver form, but I know the lender would get the house back should the mortgage not get paid or something were to happen to me.

Do you know the purpose then of having to sign an occupancy waiver?

AnotherJoe

Damian74 wrote: »

Thanks for all your responses.
Do you know the purpose then of having to sign an occupancy waiver?

It's to make it easier to evict you when the time comes.

Thrugelmir

Simply ignoring the requests to sign doesn't grant you any influence over future events. The fact that you didn't will be documented.