A lifetime loan is essentially a mortgage loan secured against your home, so what happens if you need long-term nursing home care?
The Fair Deal Scheme provides financial assistance for people who need long-term care. Photo: Getty
If you’re a regular listener to Marty in the Morning on Lyric FM, you’ll be familiar with the accompanying commercials that feature a well-spoken woman espousing the benefits of taking out a lifetime loan from Spry Finance and the tagline “because life never gets old”.
Spry Finance, which sponsors Marty Whelan’s radio show, is the country’s sole provider of lifetime loans, which allow the over-60s to release equity in their home by borrowing a lump sum secured on the property.