There’s a worry that having a lifetime mortgage or home reversion plan on your house means that your spouse or partner can find themselves out on the street following your death, with the house sold remorselessly under their feet. Thankfully, this worry is little more than one of the many myths surrounding equity release, but a failure to properly set up your equity release can result in some unpleasantries so it’s important to get it right.
The homeowners – who can get equity release in the first place?If your house is jointly owned, then it is extremely unlikely that one of the partners can take on a mortgage, including equity release, without the permission of the other. This means that, realistically, any decision to get equity release on your home must be done together.
A single partner trying to take control of the equity could only occur if the original ownership contract for the house had a clause to allow such action, and no standard agreement would do so. Simply put, only the person or people on the house deeds can apply for equity release.