Seniors Money Lifetime Loan
Seniors Money offers a lifetime loan to you raise finance during retirement. Many seniors generally have enough money for day to day living but face financial limitations when the roof leaks, the car breaks down, an urgent operation is needed or some other unforeseen expense arrives. For other seniors having "generally enough to live on" usually excludes having any luxuries.
Through Seniors Money you have the option to release some of the equity you have built up in your home. This loan can be used for whatever purpose you require. The Lifetime Loan is secured against your house. Seniors Money does not buy a share of the house. You retain fullownership of your house and you can live there as long as you wish.
The minimum loan amount is €20,000.00 , the maximum is €80,000.00.
The Lifetime Loan is designed to last for the rest of the your life. Whilst you are free to make an earlier repayment or repayments, the full repayment is only required upon a) death, b) in the event of you going into permanent long-term care or c) you selling your house. The loan becomes becomes repayable 12 months after the event, but you or your estate trustees are not obliged to sell the house if there is an alternative solution available to repay the loan.
However, if no other arrangements have been made to repay the loan the house would have to be sold to repay the loan out of the proceeds. The balance of the sales proceeds belongs to you or your estate.
During the term of the mortgage you can move house in which case the loan can then be transferred to the new house, provided it meets Seniors Money lending criteria. If you are contemplating a move they must contact Seniors Money first as it may require some of the loan to be repaid to remain within lending limit.
Seniors Money also offers an Express Top Up Facility which is available at any time throughout the term of the loan. Any further lending remains subject to approval and the availability of funds at that date.
Seniors Money have a 'No Negative Equity Promise' to ensure that neither you nor you beneficiaries will ever have to repay more than the net sales proceeds of the property provided all loan conditions are met - even if the loan balance (including accrued interest and charges) exceeds the net sales proceeds.
The cost of setting up a lifetime loan with Seniors Money is €1,500.00. This applies to all loans. This fee covers the costs incurred by Seniors Money in arranging the loan, including the cost of the property valuation and a contribution of €140.00 for your independent legal advice.
For the Express Top Up there is a small fee of €99.00 which is applied to each subsequent drawdown where you have not borrowed up to your approved limit.
For more information on Seniors Money and the Lifetime Loan email Paula or phone 01 832 3292.
Ensuring you access to all the relevant services you require to complete your property purchase, Home Brokers is pleased to offer a comprehensive range of mortgages for:
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First Time Buyers
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Second Time Buyers
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Amateur Investors
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Landlords
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Commercial Mortgages
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Equity Release
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Debt Consolidation
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Top Up's
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Self Build Mortgages
Weston and Wellington Ltd t/a Home Brokers is authorised by the Financial Regulator.Whilst we have made every effort to ensure that information contained herein is free from error, we do not warrant the accuracy, adequacy or completeness of same. All information is subject to change withour notice. Weston and Wellington Ltd t/a Home Brokers is not liable for any losses, damages, liabilities, claims and expenses whatsoever arising out of the use of the material contained herein.
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WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.
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