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Retirement Mortgages

There are now two Irish company’s specialising in home equity release for the over 60 age group. Their commitment is to provide equity release plans that enable you and senior citizens like you to use the considerable value built up in your home to obtain a tax-free lump sum to enhance your lifestyle in your retirement years. You are free to use the funds released from your home in any manner you wish.

This type of mortgage is known as a lifetime mortgage. It is similar to an ‘ordinary’ mortgage with one key difference - there is no requirement to make a monthly repayment.

The loan is usually repaid when you (or your surviving partner) pass away, go into permanent long-term care or if you choose to move out of your house for any other reason. The proceeds from the sale of your property will repay the loan, interest and any accrued charges. The remaining balance is then left for you or the beneficiaries of your estate.

The main points to consider

• Minimum Loan Value €20,000
• Applicants must be aged 60 or above
• No Monthly repayments
• You will always own your home
• You can borrow 15% of your home value at aged 60, up to 45% at ages 90