Are you retired in Ireland and seeking information about equity release?

Obtaining equity release can often be a complicated process, so it is best to be armed with as much pertinent information as possible to help you along the way.

For your convenience, we have looked at the best equity release locations in the UK and created this guide to equity release in Ireland.

Our dedicated team of experts has analysed large volumes of equity release information to bring you all the relevant details you may need to help you with this life-changing decision. 

What Does Home Equity Release Refer To?

Equity release is a financial tool for seniors to unlock their home’s value as cash.

It is designed for homeowners who want to supplement their income or cover expenses without selling their home.

It involves either taking out a loan against the home or selling a share of it, with repayment deferred to a future date, typically when the homeowner moves or passes away.

Learn More: What Is Equity Release On A House?

What Are the Best Equity Release Options in Ireland?

In Ireland, the top equity release options are lifetime mortgages, home reversion plans, and shared appreciation mortgages.

The lifetime mortgage is the most popular, offering flexible options such as drawing down funds in small amounts over time.

Home reversion allows homeowners to sell a part or all of their property in return for a lump sum or regular income, retaining the right to stay in their home, rent-free.

Shared appreciation mortgages, although less common, provide another option which can suit specific circumstances.

With this plan, a loan is granted against the value of the house, and the amount owed increases or decreases with the house value.

It is important to note however, that each of these options has different implications on your estate, inheritance tax and entitlement to state benefits.

Therefore, it is advisable to consult with an equity release specialist when making your decision.

How Does Equity Release Work?

Equity release permits seniors over 55 to liquidate part of their home’s value without relinquishing ownership.

This financial strategy can deliver a substantial lump sum or several smaller disbursements.

The obligation to repay the loan with interest is deferred until the home is sold, often after the homeowner’s passing or when they enter a care facility.

This method provides a way to monetise home equity without moving out.

Find out more about how equity release works here.

Ireland Quick Information

Ireland City Information

Ireland² is a northern Atlantic island.

The North Channel, the Irish Sea, and St George’s Channel divide it from Great Britain to the east.

Ireland is the British Isles’ second-largest island, Europe’s third-largest, and the world’s twentieth-largest³.

Equity Release in Ireland

Ireland Equity Release

Equity Release Solicitors and Advice in Ireland

The initial step in obtaining equity release is to consult a competent financial adviser who is qualified for equity release.

Make sure your adviser or solicitor is a member of the Equity Release Council⁴ to verify that they are supervised and have experience with equity release.

In the UK, the Equity Release Council (ERC) supervises the equity release market whilst it is regulated by the Financial Conduct Authority (FCA).

The members’ adherence to the organisation’s principles and code of conduct helps to keep you safe.

Here is the ERC’s member search page, where you can identify an Irish equity release adviser or attorney who is an ERC member.

Additionally, you are welcome to try our equity release calculator to obtain an estimate of how much equity you could release from your home.

If you opt to use our calculator, we can have a credible adviser from Ireland call you to discuss your needs, concerns, and any questions you may have regarding equity release.

The adviser can provide you with additional contact information for the equity release attorneys they recommend.

How to Release Equity on an Irish House

When considering equity release, it is required by law that you consult with a certified financial adviser to ensure that it is the best option for your specific set of circumstances.

This is the initial step necessary if you are considering releasing equity from your Ireland-based home.

When speaking with an adviser, you will be guided through the process in detail.

Use the calculator above if you wish a quick estimate of how much equity you could release from your home.

Common Questions

Conclusion

Equity release is a complicated process with lasting financial consequences.

Moreover, it may not be ideal for everyone therefore, your advisor will help you to investigate alternative possibilities before starting the process.

Find Locations Closer to Ireland: Equity Release Edinburgh Review

Equity release may involve a home reversion or a lifetime mortgage, which is secured against your property. To understand the features and risks, ask for a personalised illustration. Equity release requires repaying any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.