Equity Release on a Death
What happens if you die and have equity release?
- Usually, the equity release lender would expect you or your family to sell your property.
- Unless, the equity release was done in joint names and somebody else is still living there.
- If a lifetime mortgage, the debt to the equity release company will be settled first, the balance then paid to the estate.
- If a home reversion scheme, the property sale proceeds will be distributed based upon the % shared owned of the property.