Lifetime Mortgage for Homeowners aged 60 & over

Lifetime Mortgages:

The Complete Guide for Homeowners

As property values increase and people seek greater financial flexibility in retirement, lifetime mortgages are becoming an increasingly popular option for homeowners aged 60 and over. A lifetime mortgage allows you to release equity from your home while continuing to live in it for the rest of your life.

If you are considering equity release in Ireland, understanding how lifetime mortgages work and getting trusted advice is essential.

What Is a Lifetime Mortgage?

A lifetime mortgage is a long-term loan secured against your home. It allows homeowners to access the value tied up in their property without needing to sell or move.

• You remain the legal owner of your home

• No regular mortgage repayments are required but can be made if you wish.

• If no repayments are made the loan and accumulated interest are repaid when the property is sold, typically after death or entry into long-term care

  
  

Lifetime mortgages are regulated in Ireland and are designed to provide financial security and peace of mind in retirement.

How Lifetime Mortgages Work

The amount you can release depends on your age, the value of your property, and the lender’s terms:

• A tax-free lump sum

• Optional drawdown facilities

• A no negative equity guarantee, ensuring you never owe more than your home’s value

• The ability to ring-fence a portion of your property value for inheritance

  
  

Many homeowners use lifetime mortgages to supplement pension income, fund home renovations, clear existing mortgages, or provide financial assistance to family members.

Is Equity Release Right for You?

While equity release products in Ireland can offer significant benefits, they may not suit everyone. Because interest compounds over time, the total amount owed can grow, potentially reducing the value of your estate.

For this reason, independent financial advice is strongly recommended. A qualified adviser will explain the long-term implications, assess affordability, and explore alternatives such as downsizing or restructuring existing finances.

Acorn Financial Services

Acorn Financial Services are trusted agents for Spry Finance, offering expert advice on lifetime mortgages and equity release solutions. Spry Finance is a specialist lender focusing on transparent equity release for older homeowners, these products are specifically designed to meet Irish regulatory standards and include strong consumer protections.

A lifetime mortgage is a significant financial commitment and should only be entered into after careful consideration. Speaking with an experienced adviser ensures you understand the benefits, risks, and long-term impact on your finances and estate.

If you are exploring lifetime mortgages or looking for trusted equity release advice, Acorn Financial Services are well placed to help you determine whether a lifetime mortgage is right for you.