Will the life time Mortgage be in my name?

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Will the life time Mortgage be in my name?

The equity release scheme must reflect the way in which the property is owned. If the property is owned by just you then you will be on the lifetime mortgage / lease as the borrower/seller. If the property is owned by two people likewise both there names will be on the lease / mortgage. Once a plan has been arranged it is not usually allowed that another person can be put on the plan. As having a new person would not have been calculated into the costing of the original plan. Any person wishing to live or rent in the property has to sign a declaration relinquishing all rights to remain on the death of the plan holder. If is similar in the event of a marriage etc whereby on the death of the plan holder the new partner would have to vacate. For joint plans when the first person dies the remaining person has the right to remain in the property until there death. On the death of the remaining plan holder the property is sold and balance of the proceeds will be passed to the deceased estate. If the plan holder does not die and is instead referred to long term care, the same process applies. Long term care is defined by not being able to perform basic duties like, bathing, dressing, eating, washing etc without assistance.