Reverse Mortgages - Older Australians

Are you over the age of 60 and looking to access the equity in your home for living expenses, home improvements, investments or a new car?

You may be fortunate enough to have paid down your home loan, or have a small manageable mortgage but still need to qualify for finance. Many people are living beyond 70 or 80, with longevity in their family. Improved detection for major illnesses and ongoing medical treatment may see you living longer. For some people, this can be some of the most exciting years of their lives with retirement approaching, and the flexibility to do what they want to do, such as travel around Australia, or live a more nomadic life without the responsibility of families.

Who doesn’t this work for? It may not work for you if your spouse is substantially younger than you and are on the loan and title of the property. If your intention is to give away your money in a risky Ponzi scheme – the lenders will say nah! not for us as the peddle slowly backwards. Lenders will assess the risk for you to make sure you are well taken care of. Your future is very important to us and we do not want to see you overexposed with a loan which does not benefit you.

Higher house valuations are meaning that clients are able to access more equity in their homes now as well. So if you reached the ceiling of your lending capacity previously due to having an existing mortgage, it may be a different situation now.