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Endownment Policies

  • jasmine
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15 Sep 07 #3418 by jasmine
Topic started by jasmine
With an endownment mortgage the policies are linked to the mortgage. So when it comes to financial settlements why are they listed as seperate assets. For the calculations do they take the surrender value of the policies only along with the equity left in the house after debt and moving costs cleared. Or is it assumed the endownments will be used to clear the mortgage and only the equity left in the house after debt and selling costs.

  • Shelia
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15 Sep 07 #3437 by Shelia
Reply from Shelia
What happened to a someone I know is that the endowment and the mortgage were unlinked. He walked away with the endowment. She got a larger share of the equity in the house and took on a repayment mortgage for the remainder and kept the house.

An endowment can also be cashed in.

Shelia

  • DownButNotOut
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20 Sep 07 #3695 by DownButNotOut
Reply from DownButNotOut
The endowment is an asset in its own right.

It is worth whatever the current surrender value is (or it could be argued a bit more as you can re-sell it through various companies that buy them).

So the mortgage is a debt in the calculations.

And the endowment is an asset.

The value of a house is an asset.

The selling / moving costs are an expense.

So you add together the house value and endowment value.
And subtract the mortgage and selling/moving costs.

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