Key Features of a Lifetime Loan
A Lifetime Loan is a mortgage loan secured against your home. You do not sell a share of your home. You borrow a cash sum using your house as security. You can use this money as you wish.
This type of loan is designed to last for the rest of your life. There are no regular repayments to be made. It becomes repayable if you sell your home or after you die or permanently cease to reside in your home.
- This is a loan secured against your home.
- You do not sell a share of your home.
- You retain full ownership of your home and continue living in it for as long as you wish.
- Regular repayments are not required.
- Interest is added to the loan balance monthly.
- The loan grows over time.
A Lifetime Loan becomes repayable when you permanently cease to reside in your home or pass away.
With a fixed rate Lifetime Loan, if you repay some or all of the loan before it falls due, an Early Repayment Charge may arise – click here for more »
The maximum amount you can borrow depends on your age and the value of your home, subject to an overall maximum loan size, e.g. €500,000 – click here for more information on how much you can borrow »
You must be aged 60 or over and own your own home and it must be of standard construction, located within the Republic of Ireland and worth a certain minimum amount. Please refer to the current Fact Sheet for details of the minimum property values currently required – click here for eligibility criteria »