Residential Reverse Mortgages
A reverse mortgage is like a normal home loan that has been designed for people aged 60 and over. It allows home owners to borrow against their home to live a more comfortable retirement. Importantly, you continue to own and live in your home for as long as you wish. The amount you can borrow depends on certain factors, such as your age and the value of your home. You are not required to make repayments, instead, the total loan amount, including accumulated interest, is only repayable when you move permanently from your home – usually when you sell your property, move into long-term care or pass away.
What you can do with a reverse mortgage:
- Pay off debt.
- Make home improvements.
- Support your family.
- Cover day to day expenses or unexpected costs.
- Visit family or friends.
- Buy a car.
- Pay for medical expenses.
- Go on holiday.
For a limited time, submit your contact details and book an appointment with one of our advisers and receive a $50 voucher on your first visit.