NEW YORK: The daughter of an elderly man in care has said she faces eviction from her family home because the equity release provider wants to call in the loan.
Sue Edwards, whose father John went into care in 2010, faces eviction from her primary address later this month.
Ms Edwards has questioned how the policy was sold to her father in 2006, saying this happened just a few years before her father’s official dementia diagnosis in 2009 and subsequent deterioration.
Ms Edwards claimed her father had borrowed $35,000 but was being chased for $70,000, adding: “I find it incredible that a company can seize a property when the total owed is a fraction of the value in this way.”
When asked about the value of the loan, the spokesman said: “A standard clause in the majority of equity release contracts is that should the person be absent from the property for a set period of time, 6 months in this case, be unlikely to return and have no dependents – then the company can request repayment of the loan.”
Ms Edwards, who suffers from fibromyalgia (a chronic condition that causes pain in the muscles, tendons and ligaments) and depression, also claimed that solicitors had failed to keep her updated until she was contacted about an eviction warrant in September, and that she had suffered from “stress” over this issue…