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
Relevant legal definitions
Account
Additional Borrowing
Advance
Amount Secured
Borrower
Cash Facility
Completion
Conditions
Costs
Deed
Early Repayment Charge
Equity Release Council
Event of Default
Fixed Interest Rate
Initial Advance
Interest Rate
Legal Charge
Lender
Loan
Long Term Care
Mortgage Conditions
No Negative Equity Guarantee
Occupancy Conditions
Offer
Outstanding Balance
Permitted Occupier
Property
Redemption
Registered Land
Regulatory Requirements
Repayment Date
Security
Special Conditions
Term
Title
Valuation
Working Day
Additional Borrowing
Advance
Amount Secured
Borrower
Cash Facility
Completion
Conditions
Costs
Deed
Early Repayment Charge
Equity Release Council
Event of Default
Fixed Interest Rate
Initial Advance
Interest Rate
Legal Charge
Lender
Loan
Long Term Care
Mortgage Conditions
No Negative Equity Guarantee
Occupancy Conditions
Offer
Outstanding Balance
Permitted Occupier
Property
Redemption
Registered Land
Regulatory Requirements
Repayment Date
Security
Special Conditions
Term
Title
Valuation
Working Day
Clauses
Purpose of Loan
Security Creation
Interest Rate and Calculations
Loan Drawdown
Repayment Terms
Property Occupation
Property Maintenance
Insurance Requirements
No Negative Equity Guarantee
Early Repayment
Events of Default
Power of Sale
Further Advances
Representations and Warranties
Borrower Covenants
Lender Covenants
Property Rights
Assignment and Transfer
Notices
Costs and Expenses
Amendment and Variation
Severability
Governing Law
Jurisdiction
Entire Agreement
Third Party Rights
Execution Requirements
Registration
Force Majeure
Regulatory Compliance
Security Creation
Interest Rate and Calculations
Loan Drawdown
Repayment Terms
Property Occupation
Property Maintenance
Insurance Requirements
No Negative Equity Guarantee
Early Repayment
Events of Default
Power of Sale
Further Advances
Representations and Warranties
Borrower Covenants
Lender Covenants
Property Rights
Assignment and Transfer
Notices
Costs and Expenses
Amendment and Variation
Severability
Governing Law
Jurisdiction
Entire Agreement
Third Party Rights
Execution Requirements
Registration
Force Majeure
Regulatory Compliance
Relevant Industries
Relevant Teams
Relevant Roles
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