Ailish McGlew
Meabh* thinks in terms of freedom, as well as security; she wants to meet the additional expenses that come with an independent frame of mind.
Meabh, in her 80s, lives comfortably in a three-bedroom house in South County Dublin, where she moved nine years ago after deciding to downsize.
Flexibility and financial security
For Meabh, financial security has always meant more than covering the essentials; it’s about being freed to live life on her terms. When she downsized, some of the money went towards her pension — covering her day-to-day needs — and some into renovations to her new home. Later, what she really wanted for her financial security was a little extra flexibility to do more of what she wanted, when she wanted.
Someone in their 80s,
like Meabh, can realise
up to 35% of the value.
Equipped with support and information
Meabh saw an advert for the Spry Finance Lifetime Mortgage on television and decided to learn more about it. She met with a customer consultant who guided her through the details, explaining the product clearly and answering all her questions.
Meabh didn’t rush her decision. She spoke with her solicitor and accountant, then discussed it with her family. Taking that extra time meant she felt completely comfortable with her choice. Her view is that she’s worked hard for what she has, so she should be able to enjoy it however she chooses — by, for example, taking a sun holiday in the Canaries.
How it works
A Spry Lifetime Mortgage allows over-60s to release equity in their property without selling up or moving out. Someone in their 80s, like Meabh, can realise up to 35% of the value. Repayments are optional, not a requirement.
Warning: While no interest is payable during the period of the mortgage, the interest is compounded on a monthly basis and payable in full in circumstances such as death, permanent vacation of, or sale of, the property.
Warning: Purchasing this product may negatively impact your ability to fund future needs.
Find out more at spryfinance.ie, ph: 01 5822580 Seniors Money Mortgages (Ireland) DAC, trading as Seniors Money, Spry Finance and Spry, is regulated by the Central Bank of Ireland.
*True customer case study using fictional name
