“No Negative Equity Guarantee”
You will never owe more than the value of your home. This is a guarantee to the borrower and forms part of the contract.
As long as you are not in default* Seniors Money guarantees that neither the borrower nor their estate will ever have to repay more than the net sale proceeds of their property even if the loan balance (loan plus accrued interest and charges) exceeds the net sale proceeds of the house.
“Net sale proceeds” means the sale price minus the selling fees (i.e. legal and estate agent fees).
*When you would be in default
You are in default if you:
- Do not pay us the full loan balance when it is due.
- Fail to adhere to the terms and conditions of the loan agreement.
- Give incorrect or misleading information in connection with your loan application or Annual Questionnaire.
- Have acted fraudulently in connection with your loan agreement.