Westmeath Independent: Moneytimes: Your best funding options for Spring renovations

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Drawing down equity from the value of your home is another option, but only Seniors Money/Spry Finance is offering this borrowing facility, and only for homeowners aged over 60.

The percentage size of the loan you can borrow is age-based; the capital and fixed rate interest at 5.5pc is not paid during your lifetime unless the property is sold or left uninhabited for a period of time. The smallest loan is €20,000.

A couple age 70 and 67, owners of a house worth €500,000, can borrow a maximum of €110,000. The longer you live, the greater the accumulated interest – though there is a no-negative equity guarantee.