A reverse mortgage is ideal for people over the age of 63 allowing you to draw equity from your homes for any purpose you desire. Applicants do not require any income verification or qualification with exception of having a suitable security. Generally lenders will lend up to 25% of the value of the home and in some cases lend up to 40% depending on the age of the applicant. You will be required to obtain Financial and Legal Advice prior to your loan drawing down to ensure you have been adequately advised that the product you are taking is suitable for you.
A Reverse mortgage works in contrast to normal loan with the ability to have interest capitalised to the loan rather than making repayments. You can still make repayments if you wish though it is not a necessity. Please see our Reverse Mortgage Calculator to show you how your loan balance would grow should you choose not to make repayments. When your loans settles you can choose whether you wish to have a lump sum payment or regular payments made to you to assist with general living expenses. Please see our Reverse Mortgage Calculator to show you how your loan balance would grow should you choose not to make repayments.