Reverse Mortgages

Are you over the age of 60? Well, a  reverse mortgage may be what you’re looking for.

A reverse mortgage allows you to borrow money using the equity in your home as security.  To qualify for reverse mortgage, you must be 60 years of age or only.

So, whats the difference between a regular home loan and a reverse mortgage?

• The mortgage can be taken as a lump sum or a regular income stream.
• The loan is dependent on your current age using a percentage of your home value.
• Interest is charged like any other loan, except you don’t have to make repayments while you live in your home – the interest compounds over time and is added to your loan balance.
• You remain the owner of your house and can stay in it for as long as you want.
• You must repay the loan in full (including interest and fees) when you sell or move out of your home.

While no income is required to qualify, credit providers are required by law to lend you money responsibly, so not everyone will be able to obtain this type of loan.

If you’re over the age of 60, we are happy to discuss and provide further information on reverse mortgages.

Contact us
If you’re interested in a reverse mortgage, contact our team today on 0410 000 999 or fill out our enquiry form and a member of our team will get back to you shortly.