What Happens if My Partner Dies First?
At Rockhopper Later Life Finance we know this is a question many couples want answered before they proceed. On a joint lifetime mortgage, the plan does not end when the first borrower dies. It continues for the surviving partner, who keeps the right to remain in the home for life.
We work with customers who
- Are a couple considering a joint lifetime mortgage
- Want reassurance about the survivor’s position
- Are worried about being asked to repay after a bereavement
- Want to understand how a joint plan continues
- Are planning ahead for either partner outliving the other
- Want to know what protections apply
Thinking about losing a partner is hard, and the worry that it could also threaten your home makes it harder. We explain plainly how a joint plan protects the survivor, so this is one less thing to be anxious about.
A joint lifetime mortgage is set up in both names, and when the first borrower dies the plan simply continues for the survivor. The loan does not become repayable, and the surviving partner keeps the right to live in the home for the rest of their life.
The plan becomes repayable only when the last remaining borrower dies or moves into permanent long-term care. At that point the home is usually sold and the loan repaid from the proceeds, with anything left over passing to the estate.
Some plans include downsizing protection, which can allow the surviving partner to move to a smaller home and repay the plan without an early repayment charge after a certain period. Protection arrangements may also be relevant, and your adviser can discuss these.
We explain how a joint plan treats the surviving borrower before you commit, and we research the market for the option we believe fits both of you.
The Process
Your first conversation is an informal discussion of your circumstances and any questions you have. There is no cost or obligation.
We complete a full fact-find and, where a product is involved, research the market and provide a written recommendation explaining our reasoning.
Every situation is different, and our advice always reflects your particular circumstances.
Speak to a Later Life Adviser
Call 0203 621 5696
Lines open 9am to 5pm Monday to Friday. Alternatively, complete the enquiry form and we will call you back at a time that suits you.