G
gweebarra
Guest
My father has recently retired and it has become apparent that he didn't adequately plan for the future. His pension fund was very small and has very few other investments. However, my parents do own their own home (less Eur 9,000) which is worth roughly Eur 450,000.
I'm looking at options of increasing their disposable income and would welcome your advice.
The siblings (4) have recently entered into their own mortgages so it would be difficult for us to contribute or try to buy the property from them.
BOI offer a Life Loan product and I know it has savage compounded interest rates. Would this be the only option open to them (assuming they clear off the remaining Eur 9000)?
We are aware that the estate will seriously decrease in value, especially if the folks live to a ripe old age.
They also do not want to 'trade down' to a smaller property.
Would the BOI life Loan also affect their state pension entitlements?
Is there any other way of releasing money from the house to supplement their income?
I'm looking at options of increasing their disposable income and would welcome your advice.
The siblings (4) have recently entered into their own mortgages so it would be difficult for us to contribute or try to buy the property from them.
BOI offer a Life Loan product and I know it has savage compounded interest rates. Would this be the only option open to them (assuming they clear off the remaining Eur 9000)?
We are aware that the estate will seriously decrease in value, especially if the folks live to a ripe old age.
They also do not want to 'trade down' to a smaller property.
Would the BOI life Loan also affect their state pension entitlements?
Is there any other way of releasing money from the house to supplement their income?