Equity Release for the over 60's

(for info on switching lenders or debt consolidation - go here instead)

Equity Release allows you to unlock the equity built up in your home, without having to move out. As a result of the property boom in recent years, most homeowners have built a significant amount of equity in their property, so why struggle to make ends meet when you have an asset worth hundreds of thousands of euros?

There are two main types of equity release - lifetime mortgages and home reversion plans. With either equity release plan, you'll be guaranteed the right to live in the property until you die, sell the property or move into long term care.

Lifetime Mortgage

A lifetime mortgage is a mortgage secured against your home, with no regular repayments. The interest accumulates, and it is paid off by your estate, along with the borrowered amount, out of the proceeds of the house sale.

Pros of a Lifetime Mortgage

• You benefit from price increases, as you still own the home.
• No Negitive Equity Promise from selected lenders

CONS of Lifetime Mortgages

• Interest keeps building up until it's paid off. eating away at the equity
  

Lifetime Mortgage Lenders

• Seniors Money
• SHIP
• Bank of Ireland Lifetime loan
  

Home Reversion Plans

A home reversion plan is not a loan. You sell your home (or a share of it) but you have the right to live in the home rent free for the rest of your life.

Pros of a Home Reversion Plan

• You sell a set share of the home, so for example, if you sell 50%, your estate is guaranteed the remaining 50% of the property value.

CONS of Home Reversion Plans:

• Becuase you will still live in the property, you will not be offered the full market value.
  

• RRL Ltd