Spry Finance, a provider of lifetime mortgages, has launched a new product in the Irish market which combines key features of a traditional mortgage with a lifetime mortgage.
The Payment Reward Lifetime Mortgage allows homeowners aged over 55 to release equity from their property or refinance an existing mortgage without the need to sell their home or downsize.
It features an initial Payment Reward Period of committed monthly interest-only payments, after which the customer is not required to make regular payments.
However, the customer can choose to continue to make optional repayments, a key feature of all Spry Finance Lifetime Mortgages.
“As Ireland’s population ages and financial pressures evolve, the demand for flexible later-life financial solutions is growing,” said John Moriarty, CEO of Spry Finance.
“The Payment Reward Lifetime Mortgage responds directly to the needs of customers who want more choice to help manage their financial obligations without giving up the home they love or drawing heavily on their savings.
“Whether it is a homeowner with an interest-only mortgage and a capital payment due soon, or someone facing significant expenses as they plan for retirement, the Payment Reward Lifetime Mortgage gives people additional choice over their financial future,” he added.
