Are You Considering Funding Your Retirement With Equity Release in Ireland?

Ireland provides a variety of equity release schemes, including lifetime mortgages, suited to Irish property owners' specific financial needs.
  • Last Updated: 09 May 2024
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Francis Hui
Are You Considering Equity Release in Ireland? Discover the Top Solicitors and Get the Advice You Need Near You. Read On...
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Key Takeaways…

  • The process of releasing equity in Ireland typically involves an initial consultation, property valuation, legal review, and finally the release of funds secured against your home.
  • For homeowners over 55, it allows you to unlock your property’s value, providing tax-free income without the need to sell or move.
  • This financial option offers retirees the possibility of financial freedom, depending on individual circumstances and future plans.
  • Advantages include receiving tax-free income and retaining ownership of your home, whilst cons may involve a decreased inheritance for heirs and effects on means-tested benefits.
  • Providers such as Aviva, Legal & General, and More2Life offer these services, presenting various plans tailored to meet different needs.

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.

In This Article, You Will Discover:

    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. 

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    Equity Release Opportunities in Ireland

    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.

    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 for a Northern Ireland 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

    How Does Equity Release Work?

    Is It Possible to Obtain Equity Release?

    What Is the Process of Equity Release in Ireland?

    How Does Equity Release Work for Homeowners Over 55?

    Is Equity Release a Good Option for Retirees?

    What Are the Risks and Benefits of Equity Release?

    Which Companies Provide Equity Release Services in Ireland?

    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.

    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.

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