Reverse Mortgages    

Enjoy life by unlocking the equity in your home.  

Speak with us today and we’ll take the confusion out of a Reverse Mortgage.

A Reverse Mortgage is generally available to residential property owners aged over 60.  Different lenders have different age entry levels.  These mortgages allow you to release funds using the equity in your property and are secured by a registered first mortgage on your principal place of residence or your residential investment property.

Let's say you own a property worth $400,000.  You take out a reverse mortgage and borrow let's say $100,000.  Depending on the product, you can take the $100,000 as either a lump sum or regular income.  Interest payments are capitalised (ie. added to the amount you owe).  You can make repayments as you go, but you're not obliged to.  You continue to live in the property and you remain responsibile for maintenance and similar sorts of costs.  When you sell your home or die, the lender takes funds to payout the loan from the sale of your property and the balance goes to your estate.

As your property increases in value and you increase in age, you will be able to take out more equity from your property.

Centrelink can provide detailed information regarding any impact on Centrelink benefits of obtaining a Reverse Mortgage.

To find the right loan solution for you, please feel free to ring one of our Loan Experts on (08) 9381 8311, or email us and we will arrange for one of our team to speak with you in person.