Lifetime loan provider reopens to new applicants

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Spry Finance, the new retail division of Seniors Money Mortgages DAC, is reopening its doors to new applicants.

Its role is to provide information and advice to those who are considering applying for a life loan. The loan itself will then be provided by the loan division, Seniors Money.

Lifetime loans allow older homeowners (60 years and over in the case of Spry Finance) to borrow against the value they have accumulated in their property without the need to sell, trade or make payments. monthly repayments. Instead, interest is added to the loan balance, which increases over time, and the loan is only repayable after the borrower dies or the property has left.

Older homeowners are often “rich in assets” but “poor in money” and would not have access to a traditional re-mortgage product due to their age. A lifetime loan allows them to borrow against the value of their home while retaining 100% ownership and without having to move.

Derek Handley, Director of Spry Finance, said: “Spry will take time to get to know people and their individual circumstances and to help them determine if a life loan is the right solution for your particular situation. If, after evaluation, a lifetime loan does not appear to be a suitable option, we will notify the applicant – as we have already done several times during our recent pilot program. “

Spry Finance believes that since this credit option has not been available in Ireland for several years, there is pent-up demand in addition to growing underlying demand, as the number of over 60s in the population continues to grow.

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