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Equity release
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cheguevara101
Posts: 1 Newbie
what happens when a man is forced to leave his home and move elsewhere due to equity release taking the property back
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Some more context is needed.Usually ER agreements don’t allow the repossession of the home from which the owner took out ER.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0
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Mightn't it happen if there was a monthly payment for interest or something that then was defaulted on? I'm sure the older versions of ER did allow for repossession and some of those are probably still in play.HappyHarry said:Some more context is needed.Usually ER agreements don’t allow the repossession of the home from which the owner took out ER.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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The only reason I can think this would happen is if this person lived in the home but was not an owner.0
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cheguevara101 said:what happens when a man is forced to leave his home and move elsewhere due to equity release taking the property backIf the ER was based on a single life then others residing at the home would have had to sign a waiver of their residency rights.If anyone subsequently moved in then the terms of the ER would require that the lender was notified and once again a residency waiver would have to be signed.Is that what has happened in this case?
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