My mam can sell her home for about 220k, and owes 45k on the mortgage. Assuming she sells, she'll have 175k towards new purchase.
She has 80k cash, between retirement lump sum and savings, so if she put half towards a house, that would bring it up to 215k.
She wants to move towards the north side, to an apartment, which we think will cost 270-300k, so we're short.
I looked into Spry Finance, it looks like based on her age (64) and the value of the new home, they'd release 50-60k equity, which she could also put towards the cost of the house, which would bring her up from 215k to 270k ish. There is some flexibility on the budget, she might put more of her savings, I might give her 10-15k (via a loan) for the right property.
Their interest rate is 6.7% per year, you can pay the loan back to a max of 10% per year on a monthly basis. It is likely I will pay this, €427 per month. I can afford this. When my mam's inheritance comes in (sometime in the next 5-10 years) she will clear the loan (and any potential penalty). My brother and I have our own homes, and are agreed on splitting inheritance less whatever I directly contribute, I am not concerned about this.
She has 80k cash, between retirement lump sum and savings, so if she put half towards a house, that would bring it up to 215k.
She wants to move towards the north side, to an apartment, which we think will cost 270-300k, so we're short.
I looked into Spry Finance, it looks like based on her age (64) and the value of the new home, they'd release 50-60k equity, which she could also put towards the cost of the house, which would bring her up from 215k to 270k ish. There is some flexibility on the budget, she might put more of her savings, I might give her 10-15k (via a loan) for the right property.
Their interest rate is 6.7% per year, you can pay the loan back to a max of 10% per year on a monthly basis. It is likely I will pay this, €427 per month. I can afford this. When my mam's inheritance comes in (sometime in the next 5-10 years) she will clear the loan (and any potential penalty). My brother and I have our own homes, and are agreed on splitting inheritance less whatever I directly contribute, I am not concerned about this.
- Should I be worried about anything with Spry that I havent considered?
- Any advice for a retiree who will probably be overwhelmed selling and buying?
- Anything else we should look at? We are also going to talk to Credit Union for example.
