Seniors Money

Dear Broker,
A huge emerging market in Ireland is Equity release for Senior Citizens.

To to help you gain access to writings more business We are offering the
Broker another Lender "Seniors Money".

 

       

 

With no work to do on your end its a very attractive package
Referring Business is Simple..........

Log on to www.seniorsmoney.ie

1. Go to Broker Login
2. Enter User Name
3. Enter your password
4. Complete Lead Referral Form

Track the lead status.....Find out more....

       

 

The all Important Commission - What's in its for me the Broker !

Broker Commission 1%
We will pay a commission of 1% of the settled loan value for all cases
referred to us, that result in a settled loan.

    

Whats the next Step..........

To set you up on the system a representative from Seniors Money will make
contact you directly in the course of the next few weeks, however if you
have an immediate enquiry please contant NMS directly and we will process
same for you.

 

 

THE SENIORS MONEY 60plus LOAN…
From the Home Equity Release Specialists.

LoCall 1890 73 64 67 (1890 SENIOR), please call us if you have any questions
or would like additional information.

 

 

How is the Seniors Money 60plus loan different from other equity release products?

• We do not purchase a share of the house
• It is a variable rate product which allows the customer to:

  a) Borrow relatively small amounts and top up at any time which reduces interest roll-up as they only pay interest on what they have borrowed.

  b) Repay part or all of the loan at any time without penalty.

  c) Pay interest if they wish to do so

• More flexibility in terms of draw down and top up options

  a) Lump sum or Regular Payment Option

  b) Express Top Up or Further Advance

 

 

About Us

Seniors Money Ireland Limited t/a Seniors Money is -

• Regulated by the Financial Regulator as a Mortgage Intermediary.
• A joint venture company equally owned by IFG Group plc and Sentinel Limited
• The Seniors Money 60plus Loan is provided by Sentinel (NZ) Europe Finance
  Limited t/a Seniors Money, the mortgage lender.
• Regulation
    a) Seniors Money is fully compliant with all legislation and regulation governing the conduct of its business.
    b) Our advertising and marketing material is fully compliant with
        1) The provisions of the Consumer Credit Act 1995 (“the CCA”) in relation to information to be provided by mortgage lenders and mortgage intermediaries
        2) The Consumer Protection Code, 2006 (“the CPC”)
        3) The Data Protection Act, 1988 and the European Communities (Data Protection) Regulations, 2001
        4) The requirements set out by the Advertising Standards Authority for Ireland (“ASAI”)
        5) Requirements issued by the Financial Regulator in relation to Advertising
  

 

 

Our Parent Companies

IFG Group PLC is a public company quoted on the Irish and UK stock exchange and is one of Ireland’s most significant financial services organisations specialising in mortgages, pensions and Insurance. In addition to its diverse financial solutions, it has created the largest independent wholesale and retail mortgage network, providing innovative support solutions to Ireland’s independent mortgage broker Sentinel Limited is a leading provider of personal finance and risk products to the 60+ age group in New Zealand, Australia and Spain.

Sentinel’s loan product has enjoyed a high degree of endorsement in these markets and it has proved to be the catalyst that has revolutionised the post retirement market in these countries.

 

Conditions & Recommendations

• It is a condition of the loan that the borrower receives independent legal
  advice before signing the legal documentation relating to the loan
• Before applying for a Seniors Money 60plus Loan we strongly recommend customers discuss their intention to do so with their immediate family or any other person having an interest in the property
• We primarily recommend the Seniors Money 60plus Loan to release funds for lifestyle enhancement
• We do not recommend borrowing for investment purposes as the return on the investment is unlikely to exceed the accumulated loan value
• We recommend customers also consider the following options as well as equity release
    a) Trading down
    b) Sale and rent
    c) Let part of the home
    d) Apply for a standard mortgage
    e) Support from family and/or friends

 

 

60 plus Loan – Product Overview

• Available to all residents in the Republic of Ireland aged 60 or over who own
  their own home.
• House ownership
     a) We do not buy a share of the house
     b) The borrower(s) retain full ownership
     c) The borrower(s) can continue living in the house for as long as they wish
• Loan details
     a) It is secured against the house using a first legal mortgage charge
     b) The are no repayments required until the borrower(s) permanently move out or die
     c) Interest is added to the loan balance monthly
     d) The loan grows over time
     e) It is possible to pay interest
     f)  It is possible to repay capital without penalty at any time
     g) The loan balance does not need to be maintained above a specified amount
• Minimum loan amount is €20,000
• There is no maximum loan amount
• Loan to Value Ratios (LVR)
     a) Starts at 15% of the value of the home at age 60
     b) Maximum of 45% of the value of the home at age 90 or older.
• Age
     a) A single applicant must be at least 60.
     b)Where there are two applicants, one must be aged at least 60 and the other
     at least 55 years of age
• Initial drawdown options
     a) Lump sum
     b) Regular payments
     c) Lump sum and regular payments
• Subsequent drawdown options
     a) Express Top Up
     b) Further Advance
• Funds may be used for whatever the customer wishes
  

 

Eligibility – Borrowers & Nominated Residents

• Available to all residents in the Republic of Ireland aged 60 or over
• Borrowers must own their own home
• There are no income requirements for a Seniors Money 60plus Loan
• We do not consider applications signed under a Power of Attorney
• Nominated Residents
     a) Have the right to live in the property for as long as they wish
     b) At least one of the Nominated Residents must be the owner of the property and must be at least 60 years of age
     c) There is a maximum of two Nominated Residents.
     d) Where there are two Nominated Residents, one must be aged at least 60 and the other at least 55 years of age
• Seniors Money must be informed of any other occupants who permanently live with the nominated resident(s)
• Friends or family may live in the house but have no legal right to remain in the property after the Nominated Residents cease to reside in the property.

 

Eligibility - Property

• Must be main residence
• Must meet valuation criteria
     a) Saleability
     b) Condition
• Must be freehold or, if leasehold a minimum of 99 years remaining
• Any existing mortgage, judgement or charge registered against the
  property must be cleared from the proceeds of the loan with the balance of
  funds then issued
• It is a condition of the loan that all or part of the property is not leased to
  another party without prior approval.

 

 

 

Lending Limits

• Minimum loan amounts
    a) Initial loan €20,000
    b) Express Top Up €1,000
    c) Further advances €5,000
  
• Maximum loan amounts depend on
    a) age of the younger nominated resident
    b) the value of the property.
  
• Starts at 10% at age 55 and increases by 1% each year to a maximum of 45% at age 90 and older (see table below)
  
• Further drawdowns are available at any time by
    a) Express Top Up or
    b) Further Advance Facility
  

 

 

Drawdown Options – Initial Loan

• There are three options for receiving the loan
1. Lump sum
2. Regular Income Option over 5 years
3. Combination of lump sum and regular income

• There are two choices under the Regular Income Option
  a) Quarterly income
        1) every three months
        2) 20 payments in all
        3) minimum quarterly amount €1,000
   b) Annual income
   c) every year
   d) 5 payments in all
   e) minimum annual amount €4,000

 

 

Drawdown Options – Post Settlement

There are two options for subsequent drawdowns

1. Express Top Up
2. Further Advance

1.  Express Top Up (Initial drawdown < Approved Loan Limit)
  a) The initial loan (ignoring interest) is less than the approved loan limit at the time the initial loan was drawn down
     1) the unused amount is available for Express Top Ups
  b) Does not take account of increases in
     1) property value
     2) age
  c) The ETU Facility is provided by default (there is no fee)
  d) There is a fee of €99 for each ETU
     1) deducted from the ETU proceeds
  e) There is no interest payable on undrawn amounts

 

2.  Further Advance (Initial drawdown = Approved Loan Limit)

a) No remaining amount available for ETU
b) Takes into account increases in
    1) property value
    2) age

c) Subject to the prevailing terms and lending criteria at the time the advance is made.

d) Further Advance Fee of €699 includes
    1) valuation fee (€130)
    2) legal advice contribution (€140)

e) Any further lending, including Express Top Ups, is subject to approval and availability of funds at that future date
    1) The normal expectation is that no re-approval will be required

 

 

Remaining Equity

General

• When the loan is repaid, the value of equity remaining for the borrower or their estate depends on three things:
  1. The term of the loan
  2. The value of the house
    a) this depends on house price inflation during loan term
  3. The accumulation of interest
    a) this depends on the interest rate during the loan term

• Time:
  1. The longer the loan lasts the greater the loan balance will have grown
      a) The loan will definitely grow over time
  2. The house value may or may not grow over time
• It is impossible to determine future house price appreciation rates or future interest rates

WARNING: PURCHASING THIS PRODUCT MAY NEGATIVELY IMPACT ON YOUR ABILITY TO FUND FUTURE NEEDS.

 

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