Equity Release

Equity release in Ireland lets homeowners aged 60 and over release tax-free cash from the value of their home. This is also known as a Lifetime Loan, see here for more information »
The amount you can release is based on your age and how much your home is worth.

Find out more below.

What is Equity?

Equity is the value of assets after debts are paid. In the context of your home, equity is the current market value of your house less any amount you owe on it. For example, if your house is worth €400,000 and you owe €100,000 on a mortgage, then you have equity of €300,000 in your home.

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What is Equity Release?

Also known as Equity Release Schemes, equity release is the term used for financial products that allow you to release some of the wealth tied up in your property, without having to sell it or move to another home. You do not have to make repayments during your lifetime, and you are protected by a No Negative Equity Guarantee meaning you will never owe more than the value of your home.

A Lifetime Loan from Spry Finance is a type of equity release.

There are generally conditions that must be met in order to qualify for equity release, such as:

  • you must be above a certain age (i.e. 60+ years old);
  • there cannot be an existing mortgage on the house (or if there is, this must be cleared which can be done using a portion of the equity you release); and
  • you will need to insure your home and maintain it to a certain standard.

For further information about equity release in Ireland, visit the CCPC information page »

Why Choose Equity Release?

Before deciding to choose equity release, there are a number of alternative options such as downsizing or renting out a room in your house which you should consider. At Spry Finance, we encourage all our customers to properly explore and research all their available options. It’s important that you understand both the risks and benefits of all these options when deciding which is best to meet your needs.

Equity release is generally best suited to people who:

  • Do not want to sell their home or move house
  • Want access to a cash lump sum or to supplement their income for retirement
  • Are not concerned about passing on the full value of their home to family members or other beneficiaries after their death

If you feel like equity release may be of interest to you, you can find out more about Spry Finance’s Lifetime Loan here or get in touch with us here »