EQUITY RELEASE MORTGAGES

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What is an Equity Release Scheme?

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, an equity release scheme 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.

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What is a Lifetime Loan?

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.

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Equity Release Mortgage FAQs

An equity release mortgage allows homeowners typically over the age of 55 to access the equity (cash) tied up in their home without the need to move. There are two main types: lifetime mortgages, which involve taking out a loan secured against your home, and home reversion plans, where you sell a part or all of your home in exchange for a lump sum or regular payments.

For lifetime mortgages, the loan and accrued interest are repaid from the sale of your home when you die or move into permanent long-term care. For home reversion plans, the provider owns the portion of your home you’ve sold, so there’s nothing to repay, but the amount of your estate that goes to your heirs is reduced.

Generally, there are no restrictions on how you can use the money you release from your home. People commonly use it to supplement retirement income, renovate their home, pay off existing debts, or help family members financially. However, lenders may have specific conditions, so it’s important to check.

Equity release mortgages can diminish the value of your estate, affecting the inheritance you leave to your heirs. The interest on a lifetime mortgage can compound quickly, increasing the total amount to be repaid. It’s also important to consider how releasing equity might affect your eligibility for means-tested benefits. Always seek advice from a financial advisor who can outline the specific risks based on your personal circumstances.

Most equity release schemes are portable, meaning you can move to a new property subject to the new property being acceptable to your provider. However, if you downsize, you might need to repay part of your equity release mortgage. The terms can vary between providers, so it’s crucial to understand the specific conditions of your equity release plan.

What is a Lifetime Loan used for?

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.

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Like a mortgage, a lifetime loan is a type of equity release. It enables homeowners 60 years of age and older to use their house as security to borrow from or “release” a tax-free lump sum of cash.

Key Features of a Lifetime Loan

Loan Amount: The amount you can borrow typically depends on the value of your home and your age at the time of application. Generally, the older you are, the more you can borrow.
Interest: The interest on a lifetime loan may either be fixed or variable, but it accumulates over time, adding to the total amount that will eventually need to be repaid. Unlike a conventional loan, you usually don’t make monthly repayments. Instead, the interest is ‘rolled up’ or compounded, meaning the total amount owed can grow quickly over the years.
Repayment: The loan and the accumulated interest are usually repaid from the sale of your home when you pass away or move into permanent long-term care. In some cases, you can make repayments during the term of the loan, but this is optional and depends on the terms set by the lender.
No Negative Equity Guarantee: Many lifetime loans come with a “no negative equity guarantee,” ensuring that you (or your estate) will never owe more than the value of your home when it is sold, even if the debt has grown to exceed this value.

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