Reverse Home Loans are available for people 60 years and over, against the equity in their home, holiday home or investment property Australia wide. They are available for any purpose and do not require any repayments for the life of the loan.
Basically this type of loan does not have to be repaid until you choose to sell your home or the last surviving borrower passes away. The title of the home will stay in your name and you can receive your money in a variety of ways to suit your situation.
Below are some of the advantages and disadvantages of this product:
It's important for homeowners considering a reverse mortgage to carefully evaluate the long-term implications and consult with a financial advisor or mortgage broker who can provide personalised advice based on their specific circumstances.
It's important to review your home loan regularly to ensure it still meets your needs. Working with our mortgage broker can help make the process easier and help you find the best products for your needs.