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If you would like the financial ability to spend your retirement how you choose, with independence and dignity, you should talk to us. A Reverse Mortgage will allow you to borrow against the equity in your home without having to sell it – releasing funds for a well-earned and comfortable retirement.
How a Reverse Mortgage Works
Many seniors are now living in homes that hold much of their wealth. By accessing some of this wealth without having to move, you can do the things you need, or have always wanted to do and live the retirement you deserve. A Reverse Mortgage enables you to use some of the money tied up in your home without having to sell it by taking out a loan secured against your home. The total loan amount, including accumulated interest, is usually repayable when you move permanently from your home; this could occur when you sell your property, move into longterm care or pass away. You continue to own and live in your home for as long as you wish, benefiting from any potential increase in property values. Making regular repayments is not necessary, although you are free to do so at any time. The amount you can borrow is typically based on your age, property location and the value of your home. A Reverse Mortgage is designed to help you manage your financial requirements by accessing only what you need, as and when you need it.
What can I do with the money?
A Reverse Mortgage is yours for you to do whatever you choose. Many people use the loan to fund home repairs or improvements, repay debt, travel to visit family members, pay for medical procedures, upgrade to a more reliable car, assist with in-home care, or a host of other uses to make life easier and more comfortable. Fundamentally, a Reverse Mortgage is designed to help you live a better retirement. A Reverse Mortgage is designed primarily to release funds to improve your quality of life. You should review carefully any proposal that involves borrowing to invest, and we strongly recommend you discuss any such proposal with a lawyer or financial adviser and your family. You should contact Centrelink to discuss any impact borrowing may have on your pension or other government entitlements.
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