There are special provisions regarding lifetime mortgages and home reversion agreements.\u00a0 A lifetime agreement mortgage is one secured on \u00a0a home where the interest is rolled up on top of capital and is repaid from the proceeds of the sale of the property.<\/p>\n
A home reversion agreement is an agreement between a vendor and a home reversion firm that provides for the conveyance by the vendor to the home reversion firm of an estate or interest in land (which includes the principal residence of the vendor or of the vendor\u2019s dependants) for a discounted sum or an income (or both), and for the vendor to retain the right to live in the residence until the occurrence of one or more events specified in the agreement;<\/p>\n
Prior to offering, recommending, arranging or providing a lifetime mortgage to a personal consumer, an entity must inform the personal customer consumer of the consequences of purchasing the product. Certain information must be provided in s written format.\u00a0 This includes the circumstances where the loan must be repaid, details of interest rate, explanation of the impact of roll-up effect on the existing mortgage, an indication of likely redemption, cost equivalent provisions applied to home reversion agreement.<\/p>\n
Assumptions used in the production of the information must be reasonable and justifiable and must be clearly stated.\u00a0 Before offering such a product an entity must ensure the personal consumer is made aware of the importance of seeking independent legal advice .\u00a0 Certain warnings must be given in prominent format.\u00a0 They must be comprised in the application form, other documents and on the entity’s website.<\/p>\n\n
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Deposit Accounts In relation to a term and notice deposit accounts with a balance of more than \u20ac20, a credit institution must at least annually provide a statement to the consumer which includes the following, opening balance, closing balance, additions and withdrawals, interest credited, charges, tax deducted, tax certificate details interest rates applied to other […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[386],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/12784"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=12784"}],"version-history":[{"count":10,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/12784\/revisions"}],"predecessor-version":[{"id":12824,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/12784\/revisions\/12824"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=12784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=12784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=12784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}