A reverse mortgage enables older homeowners to convert part of the equity in their homes into cash, without having to sell their home. There are no monthly repayments. The loan is repaid when you cease to occupy your home as a principal residence. This can be when the last remaining spouse passes away, sells the home, or permanently moves out.
Enhancing your retirement years The funds from a reverse mortgage can be used for anything. Common uses include supplementing retirement income to cover daily living expenses; repairing or modifying your home (i.e., widening halls or installing a ramp); covering health care expenses; paying off existing debts; taking a vacation; paying property taxes; and preventing foreclosure.
There are no income or medical requirements to qualify. You may be eligible for a reverse mortgage even if you still owe money on the property.
How Much Can I Borrow? The amount of money you get from a reverse mortgage depends upon your age (or age of youngest borrower in the of couples), the value of your home, current interest rates, and where you live. In general, the older you are and the more valuable your home (and the less you owe on your home), the more money you can access.
Paying Back Your Loan The amount owed can never exceed the value of your home. Furthermore, if the home is sold and the sales proceeds exceed the amount owed on the reverse mortgage, the excess money goes to you or your estate.
We have a number of lenders currently offering reverse mortgages. For more information and an obligation free assessment of your situation, please call us today on 02 9629 1888.
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