Equity Release Penalty

Agamemnian

A family member died in September last year and they had an equity release mortgage, however nobody realised this until this last couple of weeks.
Looking at the paperwork it says there was a limit of 9 months to sell the house. Given 7 months has already passed I'm concerned this will not be sold before the 9 month mark.
It doesn't state what the penalty for this is though. 
Would we lose the house? Have additional fees applied?
Anybody experienced this or have any advise?
It's with Prudential. 

Thrugelmir

Whoever is the executor of the Estate needs to get their act together and start making phone calls. 

With regards to losing the house the outstanding debt may well need to be settled. 

dimbo61

The Interest is building up every month so you need to either settle the DEBT asap or put the property on the market.
Why the 7 months delay 

MWT

Agamemnian said:

A family member died in September last year and they had an equity release mortgage, however nobody realised this until this last couple of weeks.
Looking at the paperwork it says there was a limit of 9 months to sell the house. Given 7 months has already passed I'm concerned this will not be sold before the 9 month mark.
It doesn't state what the penalty for this is though. 
Would we lose the house? Have additional fees applied?
Anybody experienced this or have any advise?
It's with Prudential. 

The executor needs to contact the lender and they should find the lender is going to be reasonable about the time taken as long as there is clear activity to get the house sold (assuming there are insufficient funds in the estate to just settle it).

The interest continues to accrue until the debt is paid, and the point about the 9 months limit is that up to that point the lender remains passive, after that point repossession is on the table but in practice there is little motivation to do that as long as they can see a sale is in progress...

The executor does need to get their act together though, and I hope there have not been any distributions from the Estate with such a large matter still unresolved...