G
gweebarra
Guest
Looking foe some advice on the life loan product from BOI and the equivalent from AIB.
Bottom line is that my folks now own a house worth Euro 450,000 but their pensions don't add up to much, and since they have retired they have realised a drop in their disposable income.
They are considering releasing some sort of equity from the house to supplement their income. None of the siblings are able to 'buy' some of the equity from them, so the life loan from BOI might be an option.
Could someone let me know what the pitfalls are, apart from the high fixed interest rate?
Are there other options available to them?
Bottom line is that my folks now own a house worth Euro 450,000 but their pensions don't add up to much, and since they have retired they have realised a drop in their disposable income.
They are considering releasing some sort of equity from the house to supplement their income. None of the siblings are able to 'buy' some of the equity from them, so the life loan from BOI might be an option.
Could someone let me know what the pitfalls are, apart from the high fixed interest rate?
Are there other options available to them?