“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 less the selling fees (i.e. legal and estate agent fees).

Spry Finance, EPPARG membership*When you would be in default

You are in default if you:

  1. Do not pay us the full loan balance when it is due
  2. Fail to adhere to the terms and conditions of the loan agreement.
  3. Give incorrect or misleading information in connection with your loan application or Annual Questionnaire.
  4. Have acted fraudulently in connection with your loan agreement.

The No Negative Equity Guarantee does not guarantee that there will be any equity left when your Lifetime Loan becomes due for repayment. Under certain circumstances there may be little or no equity remaining for you or your inheritors when your loan is repaid. The future equity remaining in your home may be less than you expect. If house prices fall or do not increase sufficiently to offset the increased Lifetime Loan over time, there may be no equity remaining for you or your inheritors when your loan is repaid.