As part of adhering to the ERC Statement of Principles, all members must now feature a ‘No Negative Equity Guarantee’, which means you’ll never owe more than your home is worth once sold, even if this is less than the amount owed. This applies upon death or permanently moving into long term care. The guarantee
With lifetime mortgages, you’ll be the owner of your home for as long as you want to live there. This is in the same way as you would for a regular mortgage providing you meet the conditions of the lifetime mortgage.
Lifetime mortgages are regulated by the FCA. Also the Equity Release Council (ERC) was established in 2012 to provide consumer protection specifically for this market. Members must adhere to its standards of conduct and practice. Chadwick are members of the Equity Release Council and hold the specialist qualifications to advise on Equity Release since 2006
A lifetime mortgage is designed to be repaid by selling the property after you move into permanent long-term care or pass away. Once the loan has been repaid, any money left over can go to your beneficiaries. Also, some products let you ringfence a portion of your home’s equity to leave as an inheritance for