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

Are You Considering Equity Release in Ireland? Discover the Top Solicitors and Get the Advice You Need Near You. Keep Reading to Learn More.
  • Last Updated: 13 Dec 2023
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • Equity release in Ireland allows homeowners over 55 to unlock their property's value, converting it into a lump sum or regular cash access.
  • The amount of equity release depends on the youngest homeowner's age and the property's condition and value.
  • Equity release plans include home reversion plans or lifetime mortgages, both requiring repayment upon death or moving into long-term care.
  • It's essential to consult with a qualified financial adviser to ensure equity release suits your circumstances.
  • The Equity Release Council regulates the market, ensuring adherence to principles and code of conduct for consumer safety.

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

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

For your convenience, we have looked at all 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. 

    What’s Equity Release?

    In summary, an equity release mortgage is a loan with interest that is repaid to the lender when the homeowner dies or enters a long-term care facility.

    When the owner passes on or moves into permanent care1, their home is normally sold to settle the costs of the capital released as well as any interest incurred.

    How Does Equity Release Work?

    Individuals or couples over the age of 55 can take advantage of equity release, with the youngest homeowner's age being one of the factors used to determine the amount of equity that can be released.

    It's worth noting that some equity release plans need the homeowner to be at least 60 years old.

    Ireland Quick Info

    Ireland City Info

    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, UK

    Ireland Equity Release

    Equity Release Solicitors & 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 regulated and have experience with equity release.

    In the United Kingdom, the Equity Release Council (ERC) regulates the equity release market.

    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's an ERC member.

    Additionally, your 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'll 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's required by law that you consult with a certified financial adviser to ensure that it's the best option for your specific set of circumstances.

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

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

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

    Common Questions

    How Does Ireland Equity Release Work?

    Is it possible to obtain equity release 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 paying off any existing mortgage. Any money released, plus accrued interest would be repaid upon death, or moving into long-term care.

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