If you are aged 60years or more and own your own home, you may qualify for a reverse mortgage. These loans allow you to borrow up to 40% of the value of your home with the loan amount only being repaid when you sell the house, permanently move out (such as to go into long-term aged care) or die.

A reverse mortgage home loan is unique in that you are not required to make any loan repayments to reduce the balance of the loan. Instead, the interest owing on the loan and the other fees will accumulate and result in the balance of the loan growing over time rather than reducing.

This can result in you owing more than your home is actually worth, in other words, negative equity. Some of the reverse mortgage loan products will protect you against this so you need to ensure that you speak to an expert consultant before you enter into a reverse mortgage. Our consultants can advise you of the product that would be suited to your specific needs. Call us now to discuss your requirements on 07 3146 5732.