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Outstanding equity release lan


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I live in my late parents’ house and I’m mortgage free.

 

My parents took out an equity release loan on the house for around £15,000, repayable on the death of the surviving partner. Interest wasn’t charged but the final sum due takes a percentage (33%?) of the appreciated value of the property (plus the original £15,000).

 

The last survivor died around four years ago. I have not informed the lender.

 

I am 55 years old and self-employed. I cannot afford to pay off what may be due , and I’m worried. What is the position?

 

Thank you in anticipation.

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