{"id":103879,"date":"2019-02-11T14:00:13","date_gmt":"2019-02-11T07:00:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/my-parents-have-a-lifetime-mortgage-what-happens-if-my-mother-sells\/"},"modified":"2019-02-11T14:04:55","modified_gmt":"2019-02-11T07:04:55","slug":"my-parents-have-a-lifetime-mortgage-what-happens-if-my-mother-sells","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/my-parents-have-a-lifetime-mortgage-what-happens-if-my-mother-sells\/","title":{"rendered":"My parents have a &#039;lifetime mortgage&#039; \u2013\u00a0what happens if my mother sells?"},"content":{"rendered":"<p>&#013;<br \/>\nShe will need to go into a care home soon and we\u2019re worried the lender will set the priceQ When my father died, my parents\u2019 joint mortgage was put into the sole name of my mother. This was when we discovered that he had not been paying the mortgage for many years and had in fact changed it to a what the lender called a \u201clifetime mortgage\u201d which I understand is some kind of equity release mortgage.My mother still pays no mortgage payments (she is 90 and not in a position to do so anyway). The interest rate is now 2.5% and works out at about \u00a31,750 a year. This basically means she is renting her own property for that amount a year. Pretty soon she will need to leave her home and go to a care home. Can you tell us what the situation will be as far as selling the bungalow when it is time to move? Will the lender sell the property and reclaim the money owed and if so who sets the price? If we sell it, do we just tell the lender and then pay off the remaining mortgage? The amount that is owed is well below the value of the property.PB Continue reading&#8230;&#013;<br \/>\n&#013;<br \/>\nSource : theguardian.com&#013;<br \/>\nRead more&#8230;<a href=\"https:\/\/www.theguardian.com\/money\/2019\/feb\/11\/my-parents-have-a-lifetime-mortgage-what-happens-if-my-mother-sells\" target=\"_blank\">My parents have a &#8216;lifetime mortgage&#8217; \u2013\u00a0what happens if my mother sells?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#013; She will need to go into a care home soon and we\u2019re worried the lender&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-103879","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-r1t","jetpack-related-posts":[{"id":58704,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buffett-rescues-teetering-canadian-subprime-mortgage-lender\/","url_meta":{"origin":103879,"position":0},"title":"Buffett rescues teetering Canadian subprime mortgage lender","date":"June 22, 2017","format":false,"excerpt":"\r Berkshire Hathaway provides C$2.4bn financing package for Home Capital Group\r \r Source : ft.com\r Read more...Buffett rescues teetering Canadian subprime mortgage lender","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110371,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bank-of-mum-and-dad-tenth-biggest-mortgage-lender\/","url_meta":{"origin":103879,"position":1},"title":"Bank of Mum and Dad \u2018tenth biggest mortgage lender\u2019","date":"August 31, 2019","format":false,"excerpt":"\r Parents lend or gift their children \u00a324,000 on average for property purchases\r \r Source : ft.com\r Read more...Bank of Mum and Dad \u2018tenth biggest mortgage lender\u2019","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115855,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mortgage-lender-loandepot-holds-virtual-job-fair-and-gets-10000-views\/","url_meta":{"origin":103879,"position":2},"title":"Mortgage lender loanDepot holds virtual job fair and gets 10,000 views","date":"April 25, 2020","format":false,"excerpt":"\r One of the nation's largest nonbank mortgage lenders is about to get even larger. 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This quarter will be the largest quarter in the company's history,\" Quicken Loans CEO Jay Farner says.\r \r Source : cnbc.com\r Read more...Mortgage lender Quicken Loans sees record loan volumes","rel":"","context":"In &quot;Property News&quot;","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/103879"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=103879"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/103879\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=103879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=103879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=103879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}