Limerick couple’s family home saved from repossession. Their ‘unusual’ Personal Insolvency Arrangements were approved in Ennis Circuit Court by Judge Patrick Meghan.
Main Points to take from this case:
????The mortgage term was extended until the wife is 115 and the husband is 106!!
????Both named parties on the mortgage are in receipt of social welfare payments, the wife being a carer for her husband who is an invalid.
????The secured creditor associated with the family home is Permanent TSB who proposed the remaining term of the mortgage be increased from 16 years to 57 years.
????It is highly unlikely both will live until the end off the mortgage term but their debts could end up being fully repaid as both have life assurance policies.
????Other solutions of Mortgage to Rent or social housing were ruled out as their home was in positive equity.