Lifetime / Equity Release Mortgage
Unlock the Possibilities
Gain access to your home's equity with a lifetime mortgage.
Ready to finance your future?
If you are are over 60 with a home in Ireland, a lifetime loan could be the solution you’re looking for. A lifetime loan or equity release mortgage is tax free and secures financing against your home.
The equity release loan is designed to last the rest of your life while you retain the home. No regular repayments are required though you do have the option to make repayments. You repay the loan when you sell your home, die, or permanently move out of the home.
There are many reasons to unlock the equity gained in your home from completing home improvements to assisting someone close to you or pursuing new goals, we can help.
IMC has helped people across Ireland with lifetime loans for the last 34 years.
Equity release schemes are not the same as mortgage switching or top-ups or increases.
How it works
Your dedicated IMC advisor will work with our partner Spry Finance to help you access the equity in your home. Learn more about how it works by watching this video.
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Equity Release
Mortgage FAQs
Equity is the difference between the current value of your house and the amount you owe on it. For example, if your home is worth €400,000 and your mortgage is €100,000, then you have equity in your property of €300,000.
If you own your home, equity release could allow you to release some of the value of your home without having to make repayments during your lifetime, move out or sell your home on the open market. The conditions of equity release include that you cannot have an existing mortgage on your home and that you have reached a certain age, for example 60, to avail of the loan.
Equity release schemes are different to topping up or increasing your mortgage. To find out more about equity release, visit the CCPC.
A Lifetime Loan is another name for equity release.
A Lifetime Loan allows people over 60 to release value from their homes, at an interest rate fixed for the duration of the loan. It is a valuable financial planning tool for people aged 60 and over who own their own home and wish to release a lump sum from their asset.
At the moment, Spry Finance are the sole provider of Lifetime Loans in Ireland.
A Lifetime Loan is most commonly used for 4 main reasons:
- Cash fund for lifestyle maintenance and ‘rainy day fund’
- Re-financing loans eg. mortgages & other debts
- Home improvements/purchases for the home
- Cars and holidays
Note: You still own your home
The borrower continues to own their home, and the loan becomes repayable when the property is sold or within 12 months of the borrower’s death.
The Spry Finance No Negative Equity Guarantee means that no borrower (or their estate) will never have to repay more than the net sale proceeds of their property even if the loan balance exceeds this amount.
Optional Re-Payments
Spry Finance provides flexibility as well as certainty for customers. While regular repayments are not required, borrowers can choose to reduce their loan balance by making optional repayments of up to 10% of their original loan amount each year without incurring charges.
Interest Rates
The Lifetime Loan is a fixed-rate product which provides certainty about the growth of the loan balance.
The interest on the loan is compounded over time (added to the loan amount each month) and therefore the loan balance grows throughout its life. Borrowers are not required to make regular repayments, but can choose to do so to pay the interest on the Lifetime Loan on a monthly basis.
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