What is a Reverse Mortgage?

A reverse mortgage allows people over 60 to access some of the equity in their home, helping them fund a more comfortable retirement. Importantly, you continue to own and live in your home without the requirement of making any repayments until the end of the loan, usually when you sell the property or pass away.

For many people over 60, who have paid off their homes, may find it difficult to borrow money against their property. The banks don’t favour giving out loans to people over 60 due to their retirement situation.

A reverse mortgage allows you to access between 20% – 40% of the value of your property, depending on your age and location.

An example: if your property is worth $1,000,000 in Sydney metropolitan area, aged 70 years old. You can potentially borrow $300,000  

The funds can be used for a number of things. You can renovate your home, take a long holiday, buy a new car, help out family members, pay for aged care or what ever purpose you deem necessary.

You have worked hard all your life, now its time to enjoy life and live a more comfortable retirement.

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