What are Reverse Mortgage Loans?
If you an Australian citizen over 60 years of age you can apply for a reverse mortgage loan. Reverse mortgage loans can assist for many things and you do not need to sell your home – even the title stays in your name.
Main Benefits of reverse mortage
- Borrow upto 55% of the house value
- Property title is still yours
- No more repayments on the loan till you live
You can use your reverse mortgage for the following points and more :
- Home renovations
- Cost involved in upgrading and selling your home
- Bond or deposit for age care facilities
- Debts consolidations
- Lifestyle and holidays
- Health or other emergencies