seniors money 60 plus loan say 50k how would it affect disability benefit?

S

seamusflynn_

Guest
does any body know about getting a lump sum [say 50k] for house from seniors money and how it would affect disability benefit. i am thinking of doing so in order to give me some extra cash.
or if i was to take a monthly sum instead would it be any better.
what would the tax implications be
 
Re: seniors money 60 plus loan

Would not have thought it has any tax inplications, as its a loan against your property - not income which might be taxable.
R
 
Re: seniors money 60 plus loan

Do you realise how much the loan will actually cost ? It compounds every year and could in theory be equal in value to your home by time its due to be repaid.
 
Re: seniors money 60 plus loan

There are other products that might offer better terms, such as Bank Of Ireland's Life Loan.
 
Re: seniors money 60 plus loan

told 100k costs 135k after 5 years to repay. seniors is i think only one doing it at 60, others start at 65.
does any one know any mazor drawbacks to this sort of thing.
person getting it is on disability benefit , wants to get more income .
what happens if person puts it on deposit , re intrest and income tax bearing in mind on disability benefit
 
Re: seniors money 60 plus loan

seamusflynn_ said:
told 100k costs 135k after 5 years to repay. seniors is i think only one doing it at 60, others start at 65.
does any one know any mazor drawbacks to this sort of thing.
person getting it is on disability benefit , wants to get more income .
what happens if person puts it on deposit , re intrest and income tax bearing in mind on disability benefit
Click to expand...
Does the person hope to leave rest of equity in house to anyone?? If the person lives for a long time, say 20 years the amount owed rises to aroud 350k if 100k is borrowed. If the person has people who they are planning to leave the house to then they would be better off getting them to loan them the cash and they get the house in will.
 
Re: seniors money 60 plus loan

yes she does want to leave it to her family. say the property is now worth 700k, borrow 100k, after say 20 years would owe 350k . what would house be worth in 20 years, maybe double.
any body got any negitive feedback from these things.
 
Seamusflynn, your original question was how it would affect disability benefit....as this is not a means tested payment, it does not affect it. However, make sure it IS benefit that you are gettign and not disability allownace, as this IS means tested!
 
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