Reverse Mortgage Information Centre

Will I lose my House?

Will I be able to leave an inheritance for my children?

These are the questions many older Australians think about before enquiring about a reverse mortgage equity release.

Let’s look at some examples

Phil is aged 72 and Maree is 69.  They bought their home 10 years ago for $660,000 and it is now valued at $1,200,000 – average growth of 6% per year.  They have an existing mortgage of $120,000 and would like to access $800 per month for the next 10 years.  What does this mean for their equity in the future?

How do we work this out?

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Melbuourne reverse mortgage helped Julie have the income she needed in retirementJulie is 73 years and single.  She lives in a 2 bedroom home she purchased for $420,000 8 years ago in an outer Melbourne suburb and which is now valued at $650,000.  Her credit card has ballooned out to $9000, she desperately needs to buy a second-have car for $15,000 and increase her income by $500 per month for the next 10 years without affecting her pension.  She feels she should be able to live a reasonable retirement.  What does this mean for her equity in the future?

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OTHER QUESTIONS PEOPLE ASK …

>> Do I still retain the ownership of my home?

Yes, your name remains on title, like any other traditional mortgage. The lender is simply registered as having an interest like your conventional mortgage loan.

>> What is the acceptable age of the youngest borrower?

60 years, however, some lenders require the youngest borrower to be 70 years of age.

>>  Are the borrowers protected under the National Consumer Credit Protection Act?

Yes, the law has been amended to include senior’s equity release loans under the National Consumer Credit Protection Act.

Read more at our main FAQs page

Things to consider in your reverse mortgage

DETERMINE YOUR ELIGIBILITY

START HERE

Learn about Reverse Mortgages and Age Pension entitlements

DOWNLOAD OUR PRACTICAL GUIDE TO REVERSE MORTGAGES IN AUSTRALIA


Understand  Reverse Mortgage Solutions

Choose the best structure and Lender

The process: Application to Settlement

UNDERSTAND THE EFFECTS OF UNLOCKING YOUR HOME EQUITY

YOUR PERSONALISED EQUITY PROJECTION

This is not just about a loan.  It is about creating your best future. 

It’s not just about a loan, it’s about a life, and while you may need an equity release for one particular need or for multiple needs, Paul will assess your current and future needs and provide a package that will give you confidence with this decision.

Reverse Mortgage information is vital to making the best decision for your circumstances.

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