Re-mortgage or Equity release for over 70yr old

liberal_brehon

Registered User
Messages
2
A person with a good teachers pension about €2k p.m in a house worth > €700k wants to get €50k out of the house.
Can she remortgage and repaid it back over 10 years? Can they discriminate based on age? How much would insurance cost on it? I've heard some won't deal with over 70's but difficult to get answers.
Can she get equity on the house? do any institutions do that? Probably bad idea but just trying to compare.
 

sadie

Frequent Poster
Messages
618
No one over 70 will get a mortgage surely. The mortgage is up already at age 70 surely so it can't be a 're-mortgage'?
You'll be looking at a personal loan I'd say. But I'm no expert on it.
Bank of Ireland only lend up to age 65. A few others up to age 70 but no older than that.
 

44brendan

Frequent Poster
Messages
2,538
No, this will not be considered by any mortgage provider. It is also too high for a personal loan and income of c2K pm too low. proposal makes no sense from either a borrower or lender perspective!
 

Brendan Burgess

Founder
Messages
39,692
Some lenders used to offer interest roll up loans where the amount borrowed was small compared to the value of the house.

Unfortunately, none of the lenders are doing these at the moment.

It's a pity, because they would be ideal for your teacher friends.

Brendan
 

Brendan Burgess

Founder
Messages
39,692
The company is still around. But I gather from speaking to people that they are unlikely to be lending again.

Brendan
 
A

Asphyxia

Guest
I do not know your individual circumstances, but maybe you should consider selling the house, take the 700,000 euro and rent a place nearby ( two bed apartment etc ). Then use the monies for what you want to do, cruise, visit siblings abroad, etc. Enjoy life.
 
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