Eoin McGee answers: ‘We’re finding it hard to live on our state pension and struggling to pay our health insurance. Should we take out a €50,000 lifetime loan to cover our costs?’

Lifetime loans are a type of equity release aimed at people who are at least 60 years of age. Photo: Michael Gleeson/Getty

Question We are a couple in our early 70s. We have one son who is 45 years old. He has a severe intellectual disability.

We own our house, which is valued at €470,000 for local property tax. We both have a state pension of €278 each per week. We have savings of €26,000.

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