My husband is worried that the amount repaid under a roll up lifetime mortgage could exceed the value of our home. Is this correct?
No the debt can never exceed the value of your home under a lifetime mortgage providing it is lifetime mortgage approved by the Safe Home Income Plan organisation (SHIP). This is because such lifetime mortgages carry a no negative equity guarantee, which means that should the loan plus accumulated interest ever technically exceed the value of your home, the lifetime mortgage provider loses out, not you or your family. Under such circumstances, your estate would be left with nothing but most importantly they will never inherit an outstanding debt.
How much will be left for children or beneficiaries under roll up lifetime mortgages will depend solely on how long it is before the last one of you move out to go into care or die and what happens to house prices.
More information about other key safeguards can be found on key safeguard page of this website.