Seniors Equity Release Schemes

G

GerryM

Guest
Hi

A scheme such as those which were operated by Ship and others is of interest to my Dad. I understand most participants if not all are now out of this market. Someone said B of I might still do it?

I know such schemes are often thought of as disadvantageous but with large care home bills for Mum on the horizon it's something that has to be looked at. Any thoughts/suggestions greatly valued.

Many thanks.
G
 
Seniors Money & SHIP have suspended lending. BOI may still offer this, I am not sure. Contact them directly.
 
Thanks Jonathan

In case it's of use to anyone else, I have just contacted Bank of Ireland. Apparently they still do such loans, but only directly through their branches - not through the mortgage service on their website. They call them 'Life Loans' and you ring your local branch directly.

G
 
Be careful, I would be quite wary of these schemes, could he not consider downsizing and selling the house and buy an apartment nearer the family and use equity to pay care bills?
 
My parents took out a BOI lifeloan a couple of years ago. They looked at Seniors Money and Ship as well but felt that BOI gave the best deal - interest fixed for 15 years. They had to get their house valued and redo their will to note the fact that BOI were to be repaid.

When they first talked to BOI they were told that it would only take 2 to 3 weeks to set up though it actually ended up being more like 2 months but overall they are glad they did it.

With BOI Lifeloan it is possible to draw down more at a later date if you need to though this may need a new valuation and will.
 
I thought there was a new deal proposed by Mary Harney not very long ago whereby if you needed nursing home care only a maximum percentage of your home could be taken. Don't know the details but should be on HSE website.

Edit= this was introduced in January of this year= called a fair deal on nursing home charges, which means that if of a couple living in a house one needs nursing home care the max percentage of the home taken will be seven and a half percent not payable until the death of both. Presumably means are still checked. Try googling or check with the hse.
 
There are several existing threads discussing such equity release products which you should be able to find by browsing/searching.
 
Vanilla said:
I thought there was a new deal proposed by Mary Harney not very long ago whereby if you needed nursing home care only a maximum percentage of your home could be taken. Don't know the details but should be on HSE website.

Edit= this was introduced in January of this year= called a fair deal on nursing home charges, which means that if of a couple living in a house one needs nursing home care the max percentage of the home taken will be seven and a half percent not payable until the death of both. Presumably means are still checked. Try googling or check with the hse.
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Sadly it is still not introduced. January was the planned date. It is now in 'constitutional' difficulties and there is no date being specified by anyone other than "sure it's bound to happen now, the government have promised it".
 
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