What happens to my partner if I die?
If an equity release plan is taken out in joint names and one person dies the surviving member will be able to continue living in the property under the same terms as before.
If the plan is taken out only in one person’s name and this person dies either the mortgage will need to be repaid in full or the property sold. This means the surviving member will need to find somewhere else to live.
For this reason it is generally a requirement, if applicable, that plans are written in joint names from the outset to ensure both parties have security of tenure.
This can be discussed in more detail with your adviser.
If you feel that equity release may be right for you, or if you’d just like to know more you can call 0800 622 6035 or request a call back. One of our team will be able to discuss with you your circumstances, review your eligibility and, if appropriate, arrange an appointment for you with an adviser.
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