Could My Home Ever Be Repossessed?
With any lifetime mortgage or home reversion scheme that are members of the Equity Release Council, there is no possibility of being forced out of your home as a consequence of getting into arrears with any payments. The reason for this is down to the fact that roll-up equity release plans do not require any form of repayment and the monthly interest only lifetime mortgages can be converted to roll-up at any point.
However, certain pensioner mortgages that may be building society based, or the Hodge Retirement Mortgage can result in arrears if payments are missed with subsequent repossession ensuing. It is therefore essential that full details of ay proposed recommendation is explained fully including possible consequences such as repossession.