Seniorsmoney Options after parents Die,

C

ciarano

Registered User
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Hi There,

My Parents took out a seniors money loan a few years ago.

My question is when my parents go, Can the family buy back the house OR does Seniormoney sell the house, take whats owed to them and return a cheque(if there is one left :( ) for the balance of the house sale?

Or IF a family member could pay off the loan could they get the house back fully?

Finally if one of the parents has Dementia (final stages) can anything be done to stop the interest on the loan?

Thanks .
 
ciarano said:
Or IF a family member could pay off the loan could they get the house back fully?
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Yes. The house only has to be sold if there's no alternative put forward to repay the loan.
With no repayment being made to the loan, it's likely the balance will be significant due to compounding.

ciarano said:
Finally if one of the parents has Dementia (final stages) can anything be done to stop the interest on the loan?
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Technically if they no longer reside at the house, the loan falls due for repayment after 12 months.
 
Seniors Money has stopped writing new business. They might be interested in early repayment of the loan. So if one of your siblings is thinking of buying the house, your parents should talk to Seniors Money about the options. They will probably refuse but as it's likely that the Seniors Money rate is about 6% fixed or double what you could borrow at today, you have nothing to lose by asking.

Brendan
 
@Brendan Burgess
To the best of my knowledge, a Senior's Money loan can be repaid at any time without penalty (unlike the Life Loan product from BoI for example).
I'm not overly familiar with either of them though, but that's how I had understood it.
 
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