What is a Reverse Mortgage
A Reverse Mortgage is a loan given to senior homeowners, whereby they access equity in their home without the obligation to make regular repayments. It provides a one-off lump sum amount, a flexible drawdown or periodical payments to support other income. The loan is repaid when their house is sold or from the proceeds of your estate.
Your needs may be seen in this list of popular Reverse Mortgage considerations.
- Renovate your house
- Buy a new car
- Increase your limited income
- Pay for an overseas holiday
- Give a gift to a family member
- Consolidate other debts
- Pre-pay funeral expenses
- Pay for an Accommodation Bond
Many Seniors have seen the value of their family home increase greatly over the past 10 years, but unfortunately their income in retirement has not kept in pace with their living standards. By accessing their equity, Seniors are able to continue to fund their activities and maintain their house in good order. Thousands of Australian Seniors are now enjoying their later years without the financial stress of day to day living.