9th October 2023

Financing your home later in life

Many unforeseen events can occur in life: a desire to move elsewhere for a work opportunity, downsizing your home as you approach retirement, a divorce or separation. These events can cost more than you've acquired so far, so financing is an absolute must! But will your bank support you in this change, given your advanced age?

Four reasons why you might want to borrow for a home when you're older

Life isn't a long, tranquil river, and unforeseen events can occur and change the course of things. Past plans are no longer relevant or morph into other projects, dreams or simply other needs. Do you know the scenarios in which your bank can provide help with your plans?

1. Starting a new life elsewhere

You'd been looking forward to it and the day came at last. Your boss finally handed you the reins to the company, provided you came to work at the head office in Luxembourg. You'd been waiting for this opportunity for a long time, but when it came along you were still hesitant because it meant moving your children to a new school, finding new accommodation, making new friends and so on. However, it's already been 10 years since you left and you don't regret it for a second!

What's more, you now want to buy a house for your family, who have taken up residence in Luxembourg, because after 10 years of renting you feel you're wasting your money and would prefer to become a homeowner. 

2. Setting up as a blended family after divorce

A divorce or separation is never easy to manage, either emotionally or financially. However, it's vital to be able to find a place to live and settle in, alone or accompanied, with or without children. If property was purchased previously, then sold at the time of separation, it's perfectly possible to acquire new property, regardless of your age.

3. Treating yourself to a relaxing holiday home

You've been dreaming about this single-storey house in Provence with views over the olive groves and now's your chance to buy it. Your current home isn't for sale, and since you've retired you've been thinking about buying a second home so that you can come and go as you please. What's more, your children will be over the moon about this purchase and will leave your grandchildren with you more often during the school holidays, rather than enrolling them at the childcare centre or on courses.

It sounds like a dream, but before getting ahead of yourself, would your bank lend you the money to buy this second home when you're already retired?

4. Rethinking and renovating your home

Now that the children have flown the family nest, the house seems quite empty – and it's just so big with all those rooms to clean! It's not easy letting go of a property you've seen your children grow up in, so you can't imagine selling it.

Why not renovate it so that it reflects today's everyday life a little more closely?

Ok, but renovating assumes that you've put money aside for all those years, and looking at your financial situation you see that it doesn't match up. What's more, you think you're past the age where you can take out a loan to finance the work, so what solutions are available to you?

The solutions for financing a home

As you evolve, your financial situation changes and will change again when you retire. That's why Spuerkeess has set up a repayment solution that adapts to your income.

Whether you're in your 40s, 50s or 60s – whatever your age, Spuerkeess can help you finance your plans with a range of repayment solutions.

Flexibility Loan

A loan with a repayment schedule to suit your income: progressive or degressive repayments.

For the reasons given above, with the Flexibility Loan, repayments are made on a sliding scale. This means that when you're working, you can repay a larger proportion of your loan, but when you retire your monthly repayments will fall. That's how the Flexibility Loan works!

Conventional home loan

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