Equity Release in Ireland: A New Partnership to Benefit the Over 60s

The Irish Mortgage Corporation has teamed up with Spry Finance to provide Equity Release loans to the over 60s

As Ireland’s aging population continues to grow, financial security and peace of mind are becoming increasingly important for retirees. Recognising this need, the Irish Mortgage Corporation has partnered with Spry Finance to bring innovative Equity Release schemes to homeowners over the age of 60. This collaboration aims to help individuals unlock the value of their homes while continuing to live in them, providing a financial lifeline and increased flexibility during retirement.

Equity Release: A Financial Lifeline for the Over 60s

Equity Release has become increasingly popular in recent years, providing a practical solution for many retirees looking to access additional funds without the burden of a traditional mortgage. These Lifetime Loans allow homeowners to release equity from their property without the need to sell or move, offering a valuable source of income for those in later life.

The Irish Mortgage Corporation, a leading mortgage broker in the country, has joined forces with Spry Finance, a specialist in Equity Release, to offer a range of Lifetime Loans tailored to the needs of Irish homeowners. By combining their expertise, these two companies are well-positioned to provide a comprehensive service for those looking to take advantage of Equity Release in Ireland.

Introducing Spry Finance’s Lifetime Mortgage Products

Spry Finance offers two distinct Lifetime Mortgage products: the Standard Lifetime Mortgage and the Green Lifetime Mortgage. The Green Lifetime Mortgage is designed to encourage environmentally friendly home improvements, offering a reduced interest rate compared to the standard product. Customers are eligible for the Green Lifetime Mortgage if they:

1. 1. Have an existing Building Energy Rating (BER) of B3 or higher and can provide a BER certificate with their Lifetime Loan application.

1. 1. Intend to use their Lifetime Loan to fund home improvements to achieve a BER rating of B3 or better within 12 months of drawing down their loan; and/or

1. 1. Intend to use more than 50% of their Lifetime Loan for qualifying home improvements within 12 months of drawing down their loan.

Both the Standard and Green Lifetime Mortgages are available through the Irish Mortgage Corporation and Spry Finance partnership, ensuring that customers have access to a variety of options tailored to their individual needs and preferences.

Why Consider Equity Release?

Equity Release schemes can provide a range of benefits for homeowners over 60, including:

1. 1. Access to a tax-free cash lump sum or regular income: Equity Release allows homeowners to tap into the value of their property without the need to sell or move, providing a valuable source of income during retirement.

1. 1. Optional Repayments With most Equity Release schemes, there are no monthly repayments required, as the loan amount and interest are repaid when the property is sold or upon the homeowner’s death, however you may choose to make optional repayments to help manage the loan balance, without incurring an Early Repayment Charge (ERC) should you wish:

– You can do this by making regular monthly direct debit repayments or by electronic payment

– You can choose to pay up to 10% of the original amount of the loan advanced per year without any possibility of an Early Repayment Charge (ERC)

• • Peace of mind: Equity Release can help to alleviate financial stress and provide additional funds for home improvements, healthcare expenses, or simply to maintain a comfortable lifestyle during retirement.

• • Inheritance planning: By releasing equity from their property, homeowners can gift a portion of their wealth.

• • Flexible options: Equity Release schemes offered by the Irish Mortgage Corporation and Spry Finance partnership cater to a variety of needs and circumstances, ensuring that homeowners can find a solution that best suits their individual requirements.

• • Retain home ownership: With a Lifetime Mortgage, homeowners can continue to own and live in their property, ensuring they maintain control over their most valuable asset.

Is Equity Release Right for You?

While Equity Release schemes can offer numerous benefits, it is essential to carefully consider whether this option is the right fit for your personal circumstances. Consulting with an experienced mortgage broker, such as the Irish Mortgage Corporation, can provide valuable insights and guidance to help make an informed decision.

The partnership between the Irish Mortgage Corporation and Spry Finance ensures that those interested in Equity Release have access to a comprehensive service, combining expertise in both the mortgage and Equity Release markets. By working together, these two companies are committed to helping Ireland’s over 60s achieve financial security and peace of mind, unlocking the value of their homes through tailored Equity Release solutions.

In conclusion, the collaboration between the Irish Mortgage Corporation and Spry Finance is a promising development in the Irish Equity Release market. By offering a range of innovative Lifetime Loans and expert advice, this partnership aims to provide Ireland’s aging population with the financial flexibility and support they need to enjoy a comfortable and secure retirement.