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The Benefits of a Lifetime Loan: Unlocking the Value of Your Home

A Lifetime Loan offers individuals the freedom to access the equity in their home and provides a steady stream of income during retirement years from age 60+. With a Lifetime Loan, you can borrow a cash sum using your house as security without selling a share of your home. Let’s explore the numerous benefits attached to a Lifetime Loan Mortgage:

  1. No Regular Repayments: One of the significant advantages of a Lifetime Loan is that there are no regular repayments to be made. Unlike traditional loans, you don’t have to worry about monthly financial obligations. The loan, along with any accumulated interest, is repaid only when you sell your home, move into long-term care, or when the last borrower passes away. This relieves you from the stress of managing monthly repayments and allows you to focus on enjoying your retirement.
  1. Financial Flexibility: By unlocking the value of your home, a Lifetime Loan provides you with the financial flexibility to adapt to life’s ever-changing circumstances. Whether you want to renovate your home, support your children’s education, or cover unexpected medical expenses, the choice is yours. You can use the funds to enhance your quality of life and achieve your goals without restrictions.
  1. Retain Ownership: With a Lifetime Loan, you remain the legal owner of your home and can continue to live in it as long as you wish. This offers you the security and peace of mind of residing in your familiar surroundings while enjoying the benefits of the loan.
  1. Eligibility and Loan Details: To qualify for a Lifetime Loan, you must be over 60 years of age, own your own home, and have it as your principal place of residence in Ireland. The property must be in good repair, with a minimum value of €250,000 in Dublin or €175,000 outside of Dublin. The amount you can borrow against your home depends on your age and the value of your property, with a maximum loan size of €500,000 and a minimum of €20,000. The interest rate is calculated at 6.45% per annum over a term of 15 years.
  1. Optional Repayments: While there are no mandatory repayments, you have the flexibility to make regular repayments to reduce the interest on your loan. These additional payments can help manage the overall cost of the loan without incurring any Early Repayment Charges. However, the annual limit for voluntary repayments is set at 10% of the outstanding loan balance.
  1. Protection for Your Loved Ones: Leaving a legacy for your loved ones is important, and a Lifetime Loan allows you to protect a portion of your home’s value for inheritance purposes. This means you can secure your family’s financial future while still accessing the funds you need today. It’s a win-win solution that ensures your loved ones are taken care of, even after you’re gone.

Ezfees Financial – Mortgage & Life Broker Options:

At Ezfees Financial, we prioritize helping you make your financial dreams a reality. Whether it’s your home, your family, your business, or your future, we provide easy-to-understand financial advice tailored to your unique needs and goals. Our dedicated advisors are here to guide you and provide you with peace of mind. Contact us today on 0818 910800 or email your query to info@ezfeesfinancial.ie to explore the benefits of a Lifetime Loan and embark on a smooth path to long-term financial security.

Ezfees Financial Ltd T/A ezfees financial is regulated by the Central Bank of Ireland. Reg no 489026

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