Equity release

[tmccar]

Is it possible to get an equity release mortgage on a home that is worth approx. 150 000 for someone who is aged 64?

 

[Brendan Burgess]

Key Post - Spry Finance Lifetime Loans

I find the Spry Finance website complicated so this is my summary of it. If you are at least 60, you can take out a Lifetime Loan from Spry Finance. There are no other providers in the Irish market which is a pity. You do not have to make any repayments, they will roll up the interest. The...

www.askaboutmoney.com

Spry would give you a Life Loan of 19% or about €30k. (Their minimum is €20k)

The set up fee is €1,500.

So if you could get this loan from a Credit Union, it might be cheaper.