A reverse mortgage is an option available for seniors over a particular age (generally 60 years plus) who own their own home. It allows them to access the equity in their home in the form of cash, whether it is a lump sum, regular payments or both. It can be a large sum or a smaller sum of around $10,000.
Based in Geelong, we have a reverse mortgage consultant who will meet with you to explain everything you need to know about taking out a reverse mortgage. As with any loan there are pros and cons and we will ensure that you understand all the benefits and risks to make an informed decision for your future.
We are experienced in working with reverse mortgage lenders to turn equity into cash for eligible seniors. The lender will register a mortgage against the home.
You don’t have to pay any interest, fees or repayments until the house is sold or at your death. It is a good idea to notify family who are likely to inherit your property so they are aware of your plans.
Some reasons seniors take out reverse mortgages include:
- To go on a dream holiday
- To help out a family member
- To improve their quality of life and supplement their income
Please contact us if you would like to learn more about reverse mortgages in Geelong.