STANDARD VARIABLE REVERSE MORTGAGE¹
- Conditions, fess & charges apply
AGED CARE OPTION²
- Conditions, fees & charges apply
A reverse mortgage allows you to borrow money using the equity in your home as security. The loan may be taken as a lump sum, an income stream, a line of credit or a combination of these options.Interest is charged like any other loan, but you usually don’t need to make repayments while you live in your home. The loan must be repaid in full if you sell your home or die or, in most cases, if you move into aged care. Typically, you are charged a higher interest rate on a reverse mortgage than for a standard home loan. Reverse mortgages are very flexible and can be used for any worthwhile purpose for example - home improvements, travel & holidays, to purchase a new car, debt consolidation, medical expenses & aged care or extra cash-flow in retirement (for bills or living costs). Not for everyone; they are still a complex mortgage product; we provide a concise “Guide to Reverse Mortgages” for your information which you can access here.