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User Name Thread Name Subject Posted
jonm BS: Reverse mortgages UK - advice please (15) RE: BS: Reverse mortgages UK - advice please 29 Oct 07

Basically, most banks and building societies will operate equity release on unmortgaged properties. They own part of the property in perpetuity in exchange for release of funds on a lump-sum or monthly payment basis.

The whole thing falls due on the death of the homeowner (better make sure it is the second decedent!) - the main drawbacks are that the property must be sold in order to clear the debt and that the inheritance is therefore reduced (however, if it is the main property, I believe its full value is still liable for inheritance tax).

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