What is a Reverse Mortgage
A reverse mortgage is a loan to people aged 60 and over secured against their residential property. The loan enables senior home owners to release some of the equity trapped in their home, to assist them to enjoy their retirement with independence and dignity, without having to sell the home.
Why a reverse mortgage?
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More and more senior Australians are finding it difficult to live the retirement they hoped for and deserve. Funds from a reverse mortgage can be used for virtually any personal purpose.
Product is flexible, allowing borrowers to draw down funds up front, have funds advanced regularly to supplement their income and have funds set aside for future needs. Borrowers also have the flexibility to repay the loan, in part or in full, at any time, without penalty.
Borrowers continue to own their home, and benefit from any increases in the property value.
Product is flexible, allowing borrowers to draw down funds up front, have funds advanced regularly to supplement their income and have funds set aside for future needs. Borrowers also have the flexibility to repay the loan, in part or in full, at any time, without penalty.
Borrowers continue to own their home, and benefit from any increases in the property value.
What are the main benefits of a reverse mortgage
A Reverse Mortgage is designed to provide customers with the financial freedom to enjoy their retirement accessing some of the money tied up in the family home by taking out a loan secured by the property.
Borrowers do not need to make regular loan repayments and can continue to live in their home for as long as they wish, benefiting from any potential increase in property values. The total loan amount including accumulated interest is repayable when the customer moves permanently from the home. This may occur when the property is sold or when the last surviving borrower moves in to aged care or passes away.
Borrowers do not need to make regular loan repayments and can continue to live in their home for as long as they wish, benefiting from any potential increase in property values. The total loan amount including accumulated interest is repayable when the customer moves permanently from the home. This may occur when the property is sold or when the last surviving borrower moves in to aged care or passes away.
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