Equity Release

As an existing customer, we understand that you may still have questions or want to make changes to your details during the life of your plan.

Our site has been designed to provide quick and easy answers to some of the most common equity release queries. If you can't find the information you're looking for you can speak to one of our team on 0800 092 5624, who will be happy to help.

Notify us of a death

How do I notify you of a death? What do you need?

We understand that bereavement is a very difficult time. We try to make the process of informing Aviva as simple as possible. We have a dedicated team who you can call to notify us of your loss.

You can call us on 0800 092 5624 with details or write to us at:

Aviva Equity Release Ltd
P.O. Box 520
Surrey Street
Norwich
NR1 3WG

We will need an original or a certified copy (from a solicitor) of the death certificate.

What happens to the plan when the only/last remaining borrower dies?

For a lifetime mortgage the amount owed to us is usually paid back from the proceeds of the sale of the property. Any money left over would be paid to the beneficiaries. You have up to 12 months to repay the lifetime mortgage. The interest continues to accrue daily until it is repaid. The home buildings insurance must remain in force until the repayment date.

On the Home Reversion Plan the reversion provider will sell your home. The cost of selling the home will be deducted from the sale proceeds and the balance will be divided between your estate and the reversion provider according to shares held in the property.

What happens to my lifetime mortgage if I die?

If the lifetime mortgage is in joint names and one borrower dies, the lifetime mortgage will continue in the sole name of the remaining borrower. We will need to be notified to amend our records.

You can call 0800 092 5624 with details or write to us at:

Aviva Equity release Ltd
P.O. Box 520
Surrey Street
Norwich
NR1 3WG

We will need an original or a certified copy (from a solicitor) of the death certificate.

Do I need to apply for probate?

Your solicitor will be able to advise if it is necessary for you to apply for probate. We can provide you with outstanding balance figures to assist you/them in applying for probate. Please call us on 0800 092 5624 to request these.

What happens to the property when I /we die?

If the lifetime mortgage is in joint names and one borrower dies, the lifetime mortgage will continue in the sole name of the remaining borrower. We will need to be notified to amend our records.

If the lifetime mortgage is in a sole name or the last remaining borrower dies, the amount owed to us is usually paid back from the proceeds of the sale of the property. Any money left over would be paid to the beneficiaries.

Repayment

How do I find out what my outstanding balance is?

Please contact us on 0800 092 5624 where we will be able to provide you with a verbal outstanding balance free of charge. A written statement is available but there may be a fee.

How do I repay my lifetime mortgage?

Please contact us on 0800 092 5624 to discuss your situation.

Can I repay part of the lifetime mortgage?

A part repayment of the lifetime mortgage is not permitted under the terms and conditions of the loan.

If you are dealing with the estate of the last remaining borrower there may be the option to make one part repayment. Please call 0800 092 5624 to discuss.

Can I repay my Home Reversion Plan?

A Home Reversion Plan is a lifetime commitment; however the Home Reversion Plan provider's share can be bought back in full. This will be based on the open-market value of the property and may be costly.

Your home reversion provider is Grainger Plc, please contact them on
0845 111 2223.

Borrowing more money

I want more money, is this possible? How do I apply?

Please contact us on 0800 092 5624 where we will be able to calculate if additional borrowing is available and refer you to a financial adviser if you are eligible. Alternatively you can speak to your own adviser.

If you have a Cash Reserve Option or a Lifestyle Flexible Option plan you may have a reserve already allocated to you which allows you to have further funds immediately. Please contact us on 0800 092 5624 to request a statement to release these funds.

Changing my details

How do I tell you that my personal details have changed?

You can call us on 0800 092 5624 to discuss this or write to the address below:

Aviva Equity release Ltd
P.O. Box 520
Surrey Street
Norwich
NR1 3WG

We may need sight of documentation depending on the change.

Long term care

What happens if I need to go into long term care?

The Activities of Daily Living leaflet below details what you need to do. If you need any further information or have any questions please contact us on
0800 092 5624 and read our guide to activities of daily living (PDF 100KB).

Additional property questions

I want to move property, is this possible?

Please contact us on 0800 092 5624 where we will be able to confirm if this is possible.

Please read our Lifetime Mortgages - guide to acceptable properties (PDF 136KB) to see if you can take your plan with you and read our Moving home guide (PDF 96KB).

For Home Reversion Plans please read our Moving home guide (PDF 157KB).

Can someone move into the property?

It may be possible for someone to move into the property, however in some circumstances we may require documentation to be signed by the non borrowing occupant. Please contact us on 0800 092 5624 to discuss this further.

I have changed my buildings insurance, what do I need to do?

Please call us on 0800 092 5624 to advise. You may need to complete a form with the new insurance details.

Can I make structural changes to the property?

It may be possible to make structural changes to the property but this will depend on the type of alterations you are planning to make. Please call us on 0800 092 5624 to discuss. We may require sight of your plans and building regulation approvals before we can confirm our acceptance.

Can I rent out all or part of the property?

Your terms and conditions state that you must not create any lease or tenancy of the property, or any part of the property. This remains the same when the only/last remaining borrower dies.

Do you have the deeds to my property?

Each plan is individual in this respect and we may hold your deeds. Please call us on 0800 092 5624 where we will be able to confirm if we have these.

WC07076 12/2011