Arrago is a fintech platform offering the Prêt 60, a mortgage life loan designed specifically for individuals aged 60 and above, allowing them to access funds without monthly repayments. This solution addresses the financial needs of seniors by enabling them to leverage their home equity while retaining ownership of their property.
Funding
$4.2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals over 60 struggle to access traditional loans due to fixed incomes, lack of employment, and age-related biases in lending practices. This restricts their ability to leverage their home equity for necessary expenses or desired projects without selling their property.
Solution
Arrago provides the Prêt 60, a mortgage life loan designed for individuals aged 60 and above, enabling them to access funds without requiring monthly repayments. This loan allows seniors to leverage their home equity while retaining ownership of their property, providing financial flexibility during retirement. The loan is secured by a mortgage on the borrower's primary or secondary residence, with the loan amount determined by the property's value and the borrower's age. Repayment of the principal and accrued interest occurs upon the borrower's death or the sale of the property, ensuring that borrowers do not outlive their access to capital. Arrago partners with established financial institutions to originate and distribute the Prêt 60, offering a transparent and regulated lending process.
Target Audience
The primary target audience is homeowners aged 60 and above in France who are underserved by traditional lending products and seek to access their home equity for various financial needs.
Features
- Loan amounts range from €50,000 to €1,000,000, based on property value and borrower age
- No monthly repayments are required, preserving retirees' existing income streams
- Borrowers retain full ownership and occupancy of their homes
- Early repayment options are available without penalty
- The loan balance cannot exceed the property's value at the time of repayment, protecting borrowers' heirs from inheriting debt
- Fixed interest rates ensure predictable borrowing costs
- Loans are available for primary and secondary residences located in France