Will Children Inherit Debt? Nobody wants to pass debt onto their children and this a big worry when releasing equity from your property. This is also a myth that is associated with equity release. By choosing the right plans, you will be protected from ever passing on debt.
Essex Equity Release only use equity plans that are approved by the Equity Release Council , ensuring there are safeguards in place to prevent children from inheriting debt. This ensures when you choose to unlock cash from your home, you should have peace of mind knowing you or your family members will be free from debt.
No Negative Equity Guarantee A no negative equity guarantee is in all the equity plans that we have available, with all Equity Release Council approved plans having this guarantee. This ensures that you never owe more than the value of your home to lenders, therefore preventing a debt to be passed on.
Your plan will come to an end when you and your partner either pass away or move into long-term care. The sales from your house are used to repay the loan, with any leftovers being given straight to your estate. Even if there is still money to be paid from the outstanding loan, if your house sales do not cover it, you will never be left liable for this payment.
You can choose to pay equity back before you pass away or move into long-term care, however, this could lead to early repayment charges. Selling your home is often the best way to ensure there is no debt and you never pay more than property value.
Moving Into Long-Term Care If you and your partner move into long-term care, this means there are no early repayment charges, however, the plan will come to an end when the property is sold. If just one of you moves into care and the other remains living in the property, the plan will not be affected at all and will continue without any alterations or issues.
Book Equity Release Advice Book equity release advice in Essex today and contact Essex Equity Release. We will provide a fast response and organise a suitable time to provide advice and consultancy regarding our plans, reassuring you that children will never inherit debts. Call us today on 01268 799211 or fill in our contact form to make an enquiry.
