A reverse mortgage is like a normal home loan that has been designed for the needs of people over 60. It allows you to release equity from your home to live a more comfortable retirement. Importantly, with a reverse mortgage you continue to own and live in your home and community for as long as you choose.
A reverse mortgage can be used for a number of purposes including:
- Paying off debt
- Make home improvements
- Supporting family
- Covering day to day expenses or unexpected costs
- Visiting family and friends
- Buying a car
- Paying for medical expenses
- Going on a holiday
- Home purchase/moving closer to family
A reverse mortgage can offer customers:
Flexible finances. A reverse mortgage can be used for almost anything, whether you would like to make home improvements, assist with medical costs or just to take the stress out of everyday expenses.
Maintaining home ownership. You remain the owner of your property, continuing to enjoy the benefits of your community, social network, and family memories. No regular payments required. Although you’re welcome to make regular payments, this is not a requirement. Interest is calculated daily on the balance outstanding and added to your loan monthly.
Please get in contact if you'd like to discuss further.