What is a Reverse Mortgage?
We see a reverse mortgage as a home loan that has been designed for the needs of seniors.
It allows people aged 60 and over to use the equity in their home. No regular repayments are required – the debt is repaid from the future sale of the property.
Importantly, you continue to own and live in your home for as long as you wish, continuing to enjoy the benefits of your community, social network, and family memories. You also benefit from any potential increase in the property value.
How Are Costs Calculated?
Reverse mortgage interest is calculated on the balance outstanding, and added monthly to your loan.
Voluntary repayments can be made at any time, which reduces the balance and interest charged.
At the end of the term of your loan, when you move permanently from your home, the total interest charged, together with the amounts drawn, will be payable.
Fees are the setup costs for the loan.
If your loan is under $2 million:
No Upfront Fees
No Valuation Cost
No Establishment Fee
Australian Government Guarantee.
What Do You Need To Apply?
A recent rates notice for your property.
Proof that you are indeed a senior!
Most recent statements of any debts/loans to be repaid at settlement.
A cope of your home insurance policy.