Reverse Mortgage
Reverse Mortgages are still a relatively new, interesting and exciting loan product to hit the Australian Financial Services industry in as many years. This is a loan product designed specifically for retirees who are essentially asset rich but cash poor. A classic example would be a retired person who lives in a fully unencumbered home worth $800,000, has little or no retirement savings, and lives on a meagre government pension.
A Reverse Mortgage allows people over the age of 60, who own their own home, to access the hard earned equity in their home, while continuing to live in, and enjoy their home.
We believe it is a potential solution to provide retirees with a comfortable and dignified retirement.
As the name suggests, a Reverse Mortgage is the opposite of a conventional mortgage in that it converts the equity in your home into cash (income).
How much can I borrow ?
How much you can borrow depends upon your age. The older you are, the more you can borrow. If you choose to take your payments by instalments, you will generally be able to borrow more than if you take a lump sum. If you are married, the amount you can borrow is based upon the age of the youngest person in the marriage.
Can I "Top Up" my reverse Mortgage in the future ?
Yes you can up to your age based Reverse Mortgage limits
For further information or to speak with one of our consultants please CLICK HERE
