Equity release - can I inherit parents debt?

[username5786]

Sorry if this is a silly question I am just abit worried and hoping for reassurance.
Basically found out my parents took out equity release quite a while ago.
My concern is after looking into it what happens if the interest ends up meaning they owe more than the house is worth? I know many have a negative equity guarantee. But I am concerned as I can't get a confident answer that the scheme they used had this guarantee.

Is there a chance I could end up responsible for my parents debt. Is that even possible? I'm not bother if I don't inherit anything I just don't want debt that isn't mine.

no, I don't think you can inherit a debt.

A debt can be taken from an estate, but if the debt is bigger than the estate, then it finished there, I believe. No one else gets the debt

No, no-one can inherit your debt. If you die owing more than your assets, that's hard luck for any creditors.

No, that's the chance the creditor's take

I’m pretty sure that these days all equity release mortgages have a no negative equity guarantee.

Would your parents let you look at their paperwork from when they took it out? It would be spelt out clearly there.

No, unless you have explicitly and in writing agreed to pay for it, you absolutely cannot be liable for your parents' debt. If the company tries to suggest it, you should take immediate advice from Citizens' Advice or a solicitor.

Unless you have signed a guarantee or are a party to the mortgage no you cannot inherit it. You could potentially seek agreement to pay out the creditors instead of selling if you wanted to keep the house. If it is sold the bank would only be entitled to the money gained from the sale. Negative equity is a risk banks take when making these type of loans.

Thank you all that's reassuring I am going to ask them more about it. But my dad isn't very well at the moment and I don't think it's the time to ask. I have only just found out they did it about 10 years ago and obviously I hope they have many more years. But I can imagine the interest is piling up each year and looking at examples I can see that what they owe will effectively be doubled what they borrowed after 10 years depending on the interest rate.