The Irish Mortgage Corporation Teams Up with Spry Finance to Offer Equity Release Loans for Over-60s
As Ireland’s population ages, financial security in retirement is becoming more important. To support this need, the Irish Mortgage Corporation has partnered with Spry Finance. Together, they now offer innovative Equity Release schemes to homeowners aged 60 and over. This partnership allows retirees to unlock home equity while continuing to live in their homes—offering financial support and greater flexibility in later life.
A Lifeline for the Over 60s
Equity Release has grown in popularity as retirees seek ways to access funds without taking on a traditional mortgage. Lifetime Loans let homeowners release equity without selling or moving. This provides a valuable income source for older adults.
The Irish Mortgage Corporation, a leading Irish mortgage broker, has joined forces with Spry Finance, an Equity Release specialist. Together, they offer Lifetime Loans tailored to the needs of Irish retirees. Their combined expertise ensures a professional, supportive service for customers exploring Equity Release options.
Introducing Spry Finance’s Lifetime Mortgage Products
Spry Finance offers two types of Lifetime Mortgages: the Standard Lifetime Mortgage and the Green Lifetime Mortgage. The Green option supports eco-friendly home upgrades and offers a lower interest rate. To qualify, customers must:
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Already have a Building Energy Rating (BER) of B3 or higher and provide the BER certificate with their application;
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Plan to use their loan to improve their BER rating to B3 or higher within 12 months; and/or
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Spend more than 50% of their loan on qualifying energy-efficient home improvements within 12 months.
Both mortgage types are available through the Irish Mortgage Corporation and Spry Finance. This ensures customers can choose the product that fits their goals and circumstances.
Why Consider Equity Release?
Equity Release offers a variety of benefits for homeowners aged 60 and above, including:
Tax-Free Cash or Income
Homeowners can access a lump sum or regular income, tax-free. This helps fund daily living, renovations, or larger expenses—without selling or moving.
Optional Repayments
Most Equity Release plans require no monthly repayments. Instead, the loan and interest are paid back when the property is sold or after the homeowner passes away. However, customers may choose to make voluntary repayments:
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Use direct debit or electronic transfer to make regular payments.
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Repay up to 10% of the original loan each year without triggering an Early Repayment Charge (ERC).
Peace of Mind
Equity Release can ease financial pressure. Funds can be used for home upgrades, medical costs, or simply to maintain a comfortable retirement lifestyle.
Inheritance Planning
Homeowners may choose to gift part of the released equity to loved ones during their lifetime.
Flexible Choices
This partnership offers Equity Release plans to suit different needs. Customers receive guidance to choose a solution that works best for them.
Home Ownership Stays with You
With a Lifetime Mortgage, you remain the legal owner of your home. You can live there as long as you wish.
Is Equity Release Right for You?
While Equity Release offers many advantages, it’s important to review your personal situation. An experienced broker—like those at the Irish Mortgage Corporation—can help you explore your options and make an informed decision.
This partnership between the Irish Mortgage Corporation and Spry Finance brings together expert knowledge from both the mortgage and Equity Release sectors. Their shared goal is to help Ireland’s older homeowners achieve financial security, using their home equity wisely and safely.
Conclusion
This new partnership marks a positive step in Ireland’s Equity Release landscape. With a range of Lifetime Loans and expert, personalised advice, the Irish Mortgage Corporation and Spry Finance are helping older homeowners access the support they need. Together, they are enabling people to live with more comfort and peace of mind in retirement.
