Over 60’s Equity Release Loan
Owners over 60 years old collect up to 60% of the value of your property, without leaving or selling it!
- You do not have to pay any monthly payments.
- You are free to use the amount as you wish.
Your age is an advantage
- Loan reserved for seniors over 60 years old.
- The amount with the over 60’s loan is directly linked to your age.
A loan without monthly payments
- No monthly payment due!
*Must be French tax resident*
A SIMPLE AND REGULATED LOAN
- The Over 60’s Loan is regulated by law and signed by your notary.
- This framework protects you and your heirs by capping the amount of the debt at the value of your property as appraised by an independent third party.
- This value will constitute the maximum amount to be reimbursed to you or your heirs.
A LOAN WITH COMPLETE FREEDOM
- The Over 60’s Loan is an unallocated loan, so you can use it as you wish.
- Travel, work, gifts to your grandchildren, or simply to have a cash amount available for all eventualities – the Over 60’s loan adapts to all of your needs.
- Face the future with serenity!
A LOAN THAT YOU CAN CONTROL
- With the Over 60’s Loan you remain the full owner of your property.
- There is no transfer of ownership!
- In addition, you can repay the Over 60’s Loan at any time.
- Early repayment may be total or partial.
Case Study
- Barbara is 78 years old
- The value of her house is €560,000
- The maximum amount that can be borrowed is €230,000
- Barbara needs €170,000
- Upon its inheritance 10 years later, teh house is valued at €630,000
- The principle amount and interest is €287,300
- Her heirs will receive €342,700 or 54% of the value of the property
Over 5 years, cost of credit of €58,477, APR of 6.51%. | Over 10 years, cost of credit of €117,303, APR of 5.72% | Set-up fees of €12,232 or 7.2%.
In partnership with Arrago , Crédit Municipal launched ‘Prêt 60’: a loan for senior homeowners allowing them to finance their projects whatever they may be: energy renovation, adaptation of housing, supporting their children and grandchildren or even financing medical care…, it involves taking out a loan on the value of the main or secondary residence.
Pret 60: an ethical loan that protects consumers’ interests
- Reserved for over 60’s
- Must be French tax resident and own the property outright in your own name
- Loan on main or secondary residence
- Maximum amount of 60% of the value of the property
- Amount between €100,000 and up to €1 million
- Properties located in Metropolitan France
- Interest Only Loan: repayment of capital and interest upon the person’s death
- Partial early repayments possible and free of charge.
- Early repayment is entirely possible.
- As a security measure for the borrower, the law caps the debt at the amount of the property. This loan can therefore never generate a debt for the heirs.
- Our 60 loan offer is at a fixed rate
- A notary is systematically involved in the borrowing process in order to ensure that potential borrowers understand and are aware of their interests.