Reverse Mortgage
Need additional fund in retirement?
Reverse Mortgages allow seniors, generally over the age of 55, to access the equity trapped in their homes without having to sell their home. Reverse Mortgages provide a lump sum or regular payment of money to a home owner with the lender registering a mortgage against the home. Generally, the outstanding debt is repaid at the earlier of the house being sold, transferred or passed to the estate of the last surviving borrower.
A Reverse Mortgage is suited to seniors who wish to access a portion of the value in their home, and can choose how they receive the money and can choose how they use the money without selling their home. The borrower also receives the benefit of any increase in the property value. Seniors can qualify for a Reverse Mortgage even if they have no income. Most Reverse Mortgages are used to provide additional funds in retirement, replace a motor vehicle, cover extra medical bills, take overseas trips, and moving into aged-care.
For more information on Reverse Mortgages, forward an online enquiry to our team, or free call 1800-ALL-LOANS to talk to one of our loan advisors.
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