The Private Reverse Mortgage Contract serves as a crucial financial instrument in England and Wales for homeowners seeking to access their property's equity without selling or moving. This document is particularly relevant when older homeowners need to supplement retirement income or fund care needs while continuing to live in their homes. The contract comprehensively outlines the lending terms, property security arrangements, borrower obligations, and circumstances triggering repayment. It must comply with FCA regulations, consumer protection laws, and property legislation while incorporating necessary safeguards for vulnerable customers.
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1. Parties: Identification of lender and borrower with full details
2. Background: Context of the agreement and property details
3. Definitions: Key terms used throughout the agreement
4. Loan Details: Amount, interest rate, and terms of the reverse mortgage
5. Property Security: Details of the property serving as security
6. Borrower Obligations: Maintenance, insurance, and occupancy requirements
7. Repayment Terms: Conditions triggering repayment and method
8. Default Provisions: Consequences of breach and remedies
1. Additional Borrower Rights: Extra protections for vulnerable borrowers - used when dealing with elderly or vulnerable customers
2. Power of Attorney: Provisions for appointed representatives - used when borrower wants to designate a representative
3. Early Repayment: Terms for voluntary early repayment - used if early repayment options are offered
1. Property Details Schedule: Detailed description of the secured property
2. Payment Schedule: Details of any regular payments or drawdown arrangements
3. Interest Rate Calculation: Method and examples of interest calculation
4. Property Valuation Report: Independent valuation of the property
5. Insurance Requirements: Detailed insurance obligations
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