Older homeowners can now apply to borrow against the value of their home to free-up cash for a more comfortable retirement.
Known as a “lifetime loan” or equity release, the credit facility allows borrowers to own and live in their home for as long as they need, while repayments are suspended for their lifetime and the loan repaid out of their estate.
Equity release is paid in a lump sum, borrowers can use the funds for any purpose from a new car and travel overseas to home modifications and medical care.
The loans are provided by equity release lender Seniors Money with financial backing from Deutsche Bank.
The Irish-owned retail credit firm is headquartered in Dublin and regulated by the Central Bank of Ireland.
Equity release — How it works
The Seniors Money Lifetime Loan allows homeowners to borrow a percentage of their home’s value, with the percentage determined by the homeowner’s age.
Interest on the loan is fixed and added to the loan on a monthly basis, meaning the loan value grows over time.
Borrowers retain full ownership of their house and are protected by the “No Negative Equity Guarantee” which promises the loan pay-out will not exceed the net proceeds of the sale of the house.
To qualify, borrowers must be registered owners of the property and have reached age 60 or older.
To find out more about the Seniors Money Lifetime Loan and to explore your options, give a member of our team a call today on 091 670 123 or email [email protected]
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