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Equity / Negative Equity (mortgaged Properties)

Equity relates to the financial figure derived from the market value of the house, minus the balance of mortgage has been paid off. Negative equity occurs where the figure is negative.

Equity Release Scheme

The equity (value) a customer has in their home is its open market value less any mortgage or other debt held against it. Equity release is a way of getting cash from the value of their home without having to move out of it. There are two main types of equity release scheme – lifetime mortgages and home reversions.

Estate

Estate is a term in common law for a person's property, entitlements and obligations.

Executor

When writing a will an individual is required to name an 'executor'. The role of the executor is to carry out the tasks outlined by the writer of a will upon the individual's death.