Senior’s Equity Release Ireland

A Lifetime Loan is a mortgage loan secured against your home. You do not sell a share of your home. You borrow a cash sum using your house as security. You can use this money as you wish. This type of loan is designed to last for the rest of your life. There are no regular repayments to be made. It becomes repayable if you sell your home or after you die or permanently cease to reside in your home. 

A Home Reversion Plan allows you to access all or part of the value of your property while retaining the right to remain in your property for the rest of your life. With a Home Reversion product, the provider will purchase all or part of your house taking into account your age and will provide you with a cash lump sum and a lifetime lease, guaranteeing you the right to stay in your property for the rest of your life. There is no day-to-day interference and no restrictions on treating the house exactly as before as a private home to live in freely 

You can try out this quick calculator or contact us directly by email or phone, but in order to understand our plan in detail, your next step is to receive independent financial advice from a Qualified Financial Advisor (QFA). Note: Home Plus is not permitted to offer advice on their plans 

The cash lump sum depends on several factors: your age(s); the current open market value of your property; the share being retained in your home; and a monthly payment (where applicable). For an indication of how much you can release please use this quick calculator 

A full market valuation is based on no one living in the property, i.e., the property is sold vacant. The amount you receive is based on the fact that you continue to live in your home for the rest of your life or until you enter long term care, (subject to the terms and conditions of the plan), and as such the value is adjusted to reflect this fact 

We have found through our experience this is influenced greatly by your choice of solicitor. Subject to you appointing a solicitor who is experienced in Home Reversion Plans it is possible to receive your money within 6-8 weeks of application. 

The funds are yours to do with as you wish 

If you have a current mortgage or any legal charge on the property this would need to be paid off at the beginning of your home reversion plan 

Capital Gains tax (CGT) is not charged on selling a share of your principal private residence in most circumstances, but you should procure independent tax advice if you are unsure of your tax standing 

There are some upfront costs which are laid out in detail as part of your full quotation. These may include the cost of your independent solicitor and property valuation amongst other items

Yes, it is essential that you consult a Qualified Financial Advisor (QFA) before applying for a Home Reversion Plan. It is important to consider all the options on the market and consider the benefits and grants which may be available.

Yes. You must take independent legal advice when taking out a home reversion plan and engage a solicitor on your behalf to complete the plan.

Yes. You can choose your own solicitor to represent you when taking out a home reversion plan. If you don’t have a solicitor, we can provide you with a panel of solicitors which you can chose from who are trained and experienced in Home Reversion.

With a home reversion plan you are choosing to sell a part of your home, while retaining a remaining share for the remaining years of the plan, subject to complying with the terms and conditions. The Title Deeds are amended to reflect the plan and your share is held by Home plus as trustee. This is then registered with Property Registration Authority.

If you need to move into permanent long-term care, home plus will need written confirmation from you or your personal representative. They will then arrange for your property to be placed on the market for sale. If you entered into the plan with a spouse, and only one of you needs to move into long term care, the other plan holder can remain in the home for the rest of their lifetime, until they need to move into long term care, or they decide to sell the home. If there is a change in your circumstances by virtue of your partner moving into long term care an amendment may be possible to your plan. It is important that you let us know to ensure that we can address the new circumstances.

If you entered into the plan with a spouse or partner, upon the death of the first plan holder, Home Plus ask that they let them know and send them a copy of the death certificate, so they can update their records. Upon death of the “last homeowner” the executors of your estate need to notify Home Plus and provide them with details of the solicitor dealing with the Estate. They will arrange for the property to be valued and placed on the open market. Once a sale is completed the proceeds will be split in accordance with the percentages owned between Home Plus Group and the original homeowner.

Generally monthly payments are adjusted in line with CPI (inflation) and can be stopped at a certain age were agreed at the offset of your plan. Your Qualified Financial Advisor will advise you of the different options and the benefits and obligations attached to each one.

This shouldn’t be the case as we thoroughly evaluate your affordability prior to the start of a plan. Also, should your circumstances change during the agreement, and you are having difficulties making your monthly payment you should contact us without delay. We will work together with you to find a solution. However, you should be aware that, in the worst case, you may be at risk of diluting or losing your share in the home for non-payment of monies due

Yes, our plans allow you to move home should you decide to do so in the future. The homeowner can either sell their share at market value to Home Plus or the property may be sold, and the shares divided accordingly per the terms of the agreement. Costs of the sale of the first property, will be split pro-rata by original share. Costs relating to the move to the new property are the Homeowner’s responsibility. If a new reversion plan is undertaken, costs may be absorbed into a new plan.

Yes. Please note Home Plus has a standard valuation form and must be completed by a suitably accredited individual.

This is a personal and individual matter for each homeowner. We recommend you discuss your plans with your family before making an application. Your qualified financial advisor may ask that some of your family members attend the meeting with you.

As indicated previously, please notify us of any changes in your circumstances, and we will discuss and address your change of circumstances with you. Home Plus will endeavour to adapt your plan to your new circumstances.

Yes. At the outset of all deals, you retain a share in your home which will form part of your estate upon death.

The Amended Title Deeds, with relevant shares will be registered with the Property Registration Authority. These deeds will be retained in safe storage by an independent third party.

It is possible for you to buy back Home Plus Group’s share of the property at a later date. If you think you may wish to buy your property back in the future, it is important you discuss this with your advisor.

To ensure you are observing the terms and conditions of the plan, each year we need you to confirm that you are still living at the property (and no additional third parties, without consent) and that you have building insurance and maintained the quality of your home. This is also an opportunity to update your legal advisors and next of kin details should they change.

As you are living in the home, you remain responsible for the day-to-day maintenance of your property (for example, decorating and repairs) together with the property insurance and all bills and taxes.

It is the homeowner’s responsibility to maintain the property to a reasonable standard. If you require any alterations to your property, you must firstly obtain Home Plus’s written consent, which will not be unreasonably withheld. Any request must be sent in writing with full details of the works involved prior to them being undertaken. Home Plus will then decide and notify you in writing where they consent to such works. If you are in any doubt about the requirements here, then feel free to call or email Home Plus and one of their team will be happy to help you. Please note: Minor decoration or repainting does not require a request. Only when there are material alterations being made, do they require our consent.

As joint owners of the property it is important to ensure the appropriate buildings insurance cover is in place with Home Plus noted as a beneficiary.

We allow a relative or carer to move into the property. You should notify us before they move into your property and they will be required to sign a Letter of No-Tenancy, subject to an undertaking that they will vacate the property within 1 month of your death or moving into care.

You can rent a room in your property if you wish. We just need to ensure your tenant signs our letter of No-Tenancy.

You can apply to us to release further equity from your property at any time.

Where a direct debit payment is returned as unpaid, we will contact you to make arrangements to collect the payment. We will consider other methods of payment, such as debit or credit card, however additional charges may apply. A charge may be levied for unpaid DD in line with the schedule of charges. If payment arrears persist, we will endeavour to make contact to understand your circumstances and find a suitable solution. If no action is taken on your side however, we may have no choice other than to instruct our solicitors to deal with any claims. In worst case, you may be at risk of diluting or losing the share of your home.

Yes, please note, there may be an administrative fee.

Possibly, but you should check all this information with your qualified financial advisor and your local welfare officer.

Your plan does not change based on a rise in property value. You will of course benefit in the rise in property prices for your share.

Your plan does not change based on a fall in property value. We share any decrease in value based on our respective share of the property.