I have been approached by a friend of mine who's elderly parents took one of those equity release mortgages at the height of the property bubble. The facts are a bit sketchy but his parents (one of whom is critically Ill) are now concerned that the vastly reduced value of their property will mean that the mortgage company will virtually own the property in full when the debt comes to be realised.
Does anyone know if this is the case or does the lender take on some of the loss in the value of the property?
Does anyone know if this is the case or does the lender take on some of the loss in the value of the property?