Case study Used Spry Finance to enable an 89 year old to trade down

Tryingtoplan said:
So we spoke to Spry finance and managed to secure a lifetime loan of €200K having confirmed with them that there would be no early redemption fees due to my dad's age when taking out the loan. Roughly speaking the interest is a little over €1,000 per month
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Its a terrible pity that more people are not aware of this option as it sounds as if it could be very helpful to many.
 
Brendan Burgess said:
I have been recommending Spry for some years and the outcomes have nearly always been positive. It's good to get a real life case study.
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Brendan, if only you could still 'talk to Joe' so his ignorance on the issue could be addressed. But he's sailed off into the sunset at this stage...
 
That is a really great update. I am glad it worked out so well for him and the move was successful. The cost was well worth it. How did he get on with the decluttering and downsizing. We accumulate so much stuff it is scary sometimes all that we stuff our houses with. I have been doing some decluttering of my bedroom but I find as soon as I create empty spaces the other family members want to fill it up again with more stuff.
 
Hi all, sorry for not getting around to responding earlier. Just some additional points to consider if trying this approach (that I would highly recommend):
  1. Prior to listing his original house, the estate agend gave us a valuation. Had he remained in the house, it would have been impossible for us to declutter and stage the house and so he would have more than likely received close to this valuation price when he sold.
  2. He would also have been part of a chain and so would not have been able to go as agressively after the house he did buy in town
  3. By moving to his new house, we were able to fully clear the original house of all clutter and completely stage the house for sale. This then led to a bidding war between 3 potential buyers which resulted in the house selling for 23% over asking price.
  4. This made the 8-9 months Spry interest completely insignificant as he achieved such an increase over the original valuation.
So, although we helped him through this process to take the stress out of the moving process (as much as one can), he actually ended up in a significantly better financial position and in his forever home in town with more money to enjoy himself!!

Thanks to all who provided advice along the way and especially to @Brendan Burgess who suggested Spry in the first instance :)
 
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Tryingtoplan said:
This made the 8-9 months Spry interest completely insignificant as he achieved such an increase over the original valuation.
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This is a really good point. In a lot of housing transactions a couple of percent more or less on the sales price dwarfs the other financial aspects.
 
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