Seniors Money offers the opportunity for applicant(s) aged 60 and over to release equity in their home. The loan is secured against their home but no payments are made until the house is sold or the applicant(s) pass away. Unlike other Co.’s offering a life time, when you choose seniors money you retain full ownership of your home and you can use the money for whatever you wish.

Seniors Money solves that by offering to lend 15% of the value of your home at age 60 or a maximum of 90% at the age to a maximum 45% at the age of 90. The interest rate is currently 5.65% p.a. There is a set up fee of €1,500 applied to all loans by seniors money which covers the valuation, independent legal advice etc.

The reality is people aged 60 plus who want to release equity in their homes are very restricted when applying for a mortgage due to a maximum age limits set by lenders, which is usually 70 for a PAYE worker and 75 for a self employed person. Many people live Mortgage free with a government pension as their sole income, in cases like this, in our opinion Seniors Money is a good option. It is an alternative pension option for those who didnt invest in a pension whilst younger. We advised the money released be used as a regular income to make the golden years just that.