Equity-release loans for older people included in new AIB proposals

Equity-release loans for older people included in new AIB proposals

Older people could be eligible for equity release loans for the first time in 10 years under new proposals by AIB.

The bank has released a series of initiatives aimed at helping older people to downsize and supporting the development of retirement villages.

They also allow for bridging loans for older people who want to borrow against their homes.

Eoin McGee from Prosperous Financial Services says bridging finance is not a new concept and explained it as follows: "You went along to the bank in 2006 and said you wanted to visit your son in Australia for six months. The bank could release money to you based on the value of your house alone.

"There would be no repayments and they'd just add interest each year. The loan amount and interest would be repaid when you died from the sale of the house, or be looked after by the estate."

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