Never leave a debt with a Lifetime Mortgage
No negative equity guaranteed.
The interest on a Lifetime Mortgage rolls up in to the loan each month increasing the amount that is repayable when the loan is repaid. A Lifetime Mortgage only becomes repayable when you die, move into long care or move out of the property on a permanent basis. To ensure you never leave a debt to your estate, your loved ones or your family all Lifetime Mortgages must include a No Negative Equity Guarantee.
This guarantee means that when the property is sold, and after agents and solicitors fees have been paid, if there is not enough left to repay the loan in full, neither your estate or your family will be liable to pay any more.
There is no extra charge for this guarantee in any product and all Lifetime Mortgage lenders automatically include this guarantee. You can therefore be assured that you will never leave a debt to your family or loved ones no matter what happens to house prices or the amount of interest that rolls up in to the loan.
To ensure you are leaving as much as possible to your loved ones you can also protect part of the value of your home with Inheritance Protection or by paying back part or all of the interest plus capital if you wish.