If you are over 55 and own your home or other asset which has a high capital value and have no mortgage on it, you may be able to apply for an equity release mortgage scheme. This releases some of the value of your home without having to pay it back in your lifetime.
What is an Equity Release Scheme?
- An equity release scheme is a scheme that allows you, based on the value of your asset, to receive either one lump sum payment or a series of payments over a period of time. The loan is then paid back at a later date during your lifetime, or when the homeowner dies.
It is important you get legal or financial advice prior to applying for an equity release scheme as often they are not be as suitable an option as they may first appear. Ensure that the firm you are getting the deal with is regulated by the central bank. All firms in Ireland that provide lifetime mortgages or home reversion schemes must meet the conditions of the Central Bank’s Consumer Protection Code and must tell you about the schemes’ costs and risks before you enter into the deal.
As with any legal consideration entered into by seniors, we advise that if you are considering applying for an equity release scheme contact Cahir & Co. Solicitors, we can look at your situation and our experienced team of solicitors will advise you as to which type of scheme is right for you.