eyesgreen_1
Registered User
- Messages
- 95
Personal details
Age: 57
Spouse's age: N/A
Partner's age if not married: N/A
Number and age of children: N/A
Income and expenditure
Annual gross income from employment or profession: €9,500
Annual gross income of spouse/partner: N/A
Monthly take-home pay: €800
Type of employment - Self Employed
In general are you:
(a) spending more than you earn, or
(b) saving - I generally just about break even.
Summary of Assets and Liabilities
Family home value: €210,000
Mortgage on family home: €29,500
Net equity: €180,000
Cash: €2,500
Defined Contribution pension fund: N/A
Company shares : N/A
Buy to Let Property value: N/A
Buy to let Mortgage: N/A
Total net assets: €210,000
Family home mortgage information
Lender: BOI
Interest rate: 4.150%
Type of interest rate: Variable
If fixed, what is the term remaining of the fixed rate? N/A
If tracker, what is the margin: N/A
Remaining term: 8 Years
Monthly repayment: €372.49
Other borrowings – car loans/personal loans etc
Car Loan (Credit Union)
Balance: €4,299
Repayment: €191 per month
Pension information
Value of pension fund: N/A
Buy to let properties
N/A
Other savings and investments:
Rent a room: €500 per month (Family Member)
Other information which might be relevant
Life insurance: Mortgage pay off insurance (Zurich Life: €10.35 per month
What specific question do you have or what issues are of concern to you?
I am 57 years old and I have no retirement fund as I am self employed in the Arts sector. I also live off a low income and with the beginning of some health issues (Manageable and still very active) I am looking to how best plan a path forward. I am still self employed but would like to free up money to concentrate on other parts of my craft. I am house rich and cash poor and as outlined above I generally just about break even every year.
Going forward I would like to have some holidays, do some writing ect, concentrate on my own projects,so in going forward without a retirement fund I am looking for some advice/Ideas work out the best way to generate an income and live comfortably as I age. For example I had an idea of a credit Union loan for granny flat income onto the house then rent out rooms in house (Under rent a room scheme). I would rather a separate living area if renting out rooms going forward as the hassle can be difficult. Or try to downsize to unlock a lump sum of equity and invest any left over in government bonds or a retirement fund?Although it’s difficult to find a cheap enough properly in this market to make that worthwhile (Northwest of Country). Other option could be full house rental with market value rent of about €1350 per month.
Basically as I said I have about €180,000 of equity in my house, (I would have no interest in equity unlock companies like Spry ect). So any ideas or advice on what would be the best way to move forward in a way that both generates an income and even possibly helps unlock equity would be very much appreciated.
Kind Thanks
Age: 57
Spouse's age: N/A
Partner's age if not married: N/A
Number and age of children: N/A
Income and expenditure
Annual gross income from employment or profession: €9,500
Annual gross income of spouse/partner: N/A
Monthly take-home pay: €800
Type of employment - Self Employed
In general are you:
(a) spending more than you earn, or
(b) saving - I generally just about break even.
Summary of Assets and Liabilities
Family home value: €210,000
Mortgage on family home: €29,500
Net equity: €180,000
Cash: €2,500
Defined Contribution pension fund: N/A
Company shares : N/A
Buy to Let Property value: N/A
Buy to let Mortgage: N/A
Total net assets: €210,000
Family home mortgage information
Lender: BOI
Interest rate: 4.150%
Type of interest rate: Variable
If fixed, what is the term remaining of the fixed rate? N/A
If tracker, what is the margin: N/A
Remaining term: 8 Years
Monthly repayment: €372.49
Other borrowings – car loans/personal loans etc
Car Loan (Credit Union)
Balance: €4,299
Repayment: €191 per month
Pension information
Value of pension fund: N/A
Buy to let properties
N/A
Other savings and investments:
Rent a room: €500 per month (Family Member)
Other information which might be relevant
Life insurance: Mortgage pay off insurance (Zurich Life: €10.35 per month
What specific question do you have or what issues are of concern to you?
I am 57 years old and I have no retirement fund as I am self employed in the Arts sector. I also live off a low income and with the beginning of some health issues (Manageable and still very active) I am looking to how best plan a path forward. I am still self employed but would like to free up money to concentrate on other parts of my craft. I am house rich and cash poor and as outlined above I generally just about break even every year.
Going forward I would like to have some holidays, do some writing ect, concentrate on my own projects,so in going forward without a retirement fund I am looking for some advice/Ideas work out the best way to generate an income and live comfortably as I age. For example I had an idea of a credit Union loan for granny flat income onto the house then rent out rooms in house (Under rent a room scheme). I would rather a separate living area if renting out rooms going forward as the hassle can be difficult. Or try to downsize to unlock a lump sum of equity and invest any left over in government bonds or a retirement fund?Although it’s difficult to find a cheap enough properly in this market to make that worthwhile (Northwest of Country). Other option could be full house rental with market value rent of about €1350 per month.
Basically as I said I have about €180,000 of equity in my house, (I would have no interest in equity unlock companies like Spry ect). So any ideas or advice on what would be the best way to move forward in a way that both generates an income and even possibly helps unlock equity would be very much appreciated.
Kind Thanks
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