The Lifetime Loan is available to residents of the Republic of Ireland aged 60 or over who own their own home.
If there are two of you, the younger person must be aged 60 or older.
Since no regular repayments are required, you don’t need an income to apply for a Lifetime Loan.
To ensure you understand the terms and conditions of the loan it is essential that you are able to sign the application form and legal documents yourself.
Your Home’s Eligibility
The whole idea of a Lifetime Loan is to give you access to the equity in the place you call home, without having to sell it and move out. For this reason the property used for the loan must be your main residence – the place where you habitually live. You can’t take out a Lifetime Loan on a holiday home or investment property for example.
Your property must also be of standard construction, located within the Republic of Ireland and worth at least €250,000 in Dublin or €175,000 outside Dublin. Properties at minimum values may be subject to restricted loan sizes.
Every owner (i.e. each person named on the deeds of the property) must be named as a borrower and sign the loan agreement.
You must be resident in the property and it must:
- Be your main residence.
- Be acceptable to the lender, Seniors Money, at its sole discretion, as security for a Lifetime Loan.
- Meet the minimum valuation criteria
- Not be used for any commercial purpose.
- Be of conventional construction and in good repair.
- Be located in the Republic of Ireland.
- Be freehold or, if leasehold have a minimum of 99 years remaining.
- Be Mortgage-free or, if there is a small existing mortgage or charge on the property, this must be cleared either from savings or from the proceeds of your loan.
The following types of property don’t qualify:
- Holiday homes
- Investment properties / Buy-to-let properties
- Properties whose principle value is the development potential of the site
- Properties in a poor state of repair
- Isolated rural properties
- Commercial properties
- Farm houses whose value cannot be separated from the farm
- Period homes and non-standard residences