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Equity Release
Some say life is short, but it's the longest thing you'll ever do. Talk to us today about your equity release options.
What is a Lifetime Loan?
A Lifetime Loan is another name for equity release. A Lifetime Loan allows people over 60 to release value from their homes, at an interest rate fixed for the duration of the loan. It is a valuable financial planning tool for people aged 60 and over who own their own home and wish to release a lump sum from their asset. At the moment, Spry Finance are the sole provider of Lifetime Loans in Ireland.
What is a Lifetime Loan used for?
A Lifetime Loan is most commonly used for the reasons below:
1. Cash fund for lifestyle maintenance and ‘rainy day fund’
2. Re-financing loans e.g., mortgages & other debts
3. Home improvements/purchases for the home
4. Cars and holidays
5. Deposit for your children for their own home
Note: You still own your home
The borrower continues to own their home, and the loan becomes repayable when the
property is sold or within 12 months of the borrower’s death.
A cup of coffee and support
from dedicated professionals
We are here to keep your mind at ease with dedicated support from our experts.
Key Features of a Lifetime Loan
A Lifetime Loan is a mortgage loan secured against your home. You do not sell a share
of your home. You borrow a cash sum using your house as security. You can use this
money as you wish.
This type of loan is designed to last for the rest of your life. There are no regular
repayments to be made. It becomes repayable if you sell your home or after you die or
permanently cease to reside in your home
- This is a loan secured against your home.
- You do not sell a share of your home.
- You retain full ownership of your home and continue living in it for as long as you wish.
- Regular repayments are not required.
- Interest is added to the loan balance monthly.
- The loan grows over time.
WARNING: WHILE NO INTEREST IS PAYABLE DURING THE PERIOD OF THE MORTGAGE, THE INTEREST IS COMPOUNDED ON A MONTHLY BASIS AND IS PAYABLE IN FULL IN CIRCUMSTANCES SUCH AS DEATH, PERMANENT VACATION OR SALE OF THE PROPERTY.
WARNING: PURCHASING THIS PRODUCT MAY NEGATIVELY IMPACT ON YOUR ABILITY TO FUND FUTURE NEEDS.
WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.
WARNING: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED-RATE LOAN EARLY.
If your Lifetime Loan is being used for debt consolidation purposes:
WARNING: THIS NEW LOAN MAY TAKE LONGER TO PAY OFF THAN YOUR PREVIOUS LOANS. THIS MEANS THAT YOU MAY PAY MORE THAN IF YOU PAID OVER A SHORTER TERM.
Financial Planning by experienced professionals.
No matter what stage your at in life we recommend talking to a financial planning expert.
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Where we are
Insurance Brokers & Financial Consultants,
Unit 3B, Tí Phuirséil,
Barna, Co. Galway.
H91 AF1W
Opening Hours
Monday - Thursday: 9am -5pm
Friday: 9am - 4pm
Appointments available outside normal working hours upon request.
