The Reverse Mortgage Deed is a specialized legal instrument used in England and Wales when homeowners aged 55 or older wish to access the equity in their property without selling or moving out. This document type has become increasingly important as the population ages and retirement funding needs grow. The deed must comply with strict regulatory requirements, including FCA rules and Equity Release Council standards. It typically includes provisions for the no negative equity guarantee, which is a key consumer protection measure. The document serves as both a legal charge over the property and a detailed agreement setting out the terms of the equity release arrangement.
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1. Parties: Details of lender and borrower(s)
2. Background: Context of the reverse mortgage arrangement
3. Definitions: Key terms used throughout the deed
4. The Charge: Details of the legal charge over the property
5. Loan Terms: Amount, interest rate, and repayment provisions
6. Property Details: Legal description of the secured property
7. Borrower Covenants: Obligations of the borrower
8. No Negative Equity Guarantee: Protection against debt exceeding property value
1. Additional Borrower Rights: Extra protections for borrowers when offering enhanced consumer protection
2. Power of Attorney Provisions: Arrangements for attorneys acting for borrowers when the borrower has appointed attorneys
3. Early Repayment Terms: Conditions for early settlement when early repayment options are offered
1. Schedule 1 - Property Description: Detailed legal description of the property
2. Schedule 2 - Special Conditions: Any specific terms applying to this mortgage
3. Schedule 3 - Payment Schedule: Details of any regular payments or drawdown arrangements
4. Appendix A - Property Valuation: Initial valuation report summary
5. Appendix B - Interest Rate Calculations: Method of calculating and applying interest
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