Many of us who have lived through downturns in the property market will know and fear the phrase 'getting into negative equity'.
In housing market terms, this is when you are in the unenviable position that your home is worth less than the outstanding mortgage on it.
Just Retirement's equity release plans have a no negative equity guarantee.
We will cover the loss This means you can't get into negative equity. In the unlikely event that the amount required to repay your mortgage ends up being more than the eventual value of your property upon sale, we will cover the loss and we will have absolutely no claim upon any other assets in your estate.
This ensures that you will never leave a debt to your estate from taking out equity release.
All equity release providers who are members of SHIP (Safe Home Income Plans) offer the same guarantee.
Useful links Jargon buster
Frequently asked questions
Safe Home Income Plans (SHIP) website