Reverse Mortage
Mortgage Solutions
If you are over 60 and have a home you may wish to use the equity in your home.
What is a reverse mortgage?
Many of us are now living in homes that hold the majority of our wealth, and by accessing some of this wealth without having to move, we can do the things we need, or have always wanted to do. This loan enables you to use some of the money tied up in your house without having to sell it. You do that by taking out a loan against your home. The total loan amount, including accumulated interest, is only repayable when you move permanently from your home; usually when you sell your property, move into long-term care or pass away.
You continue to live in your home for as long as you wish, benefiting from any potential increase in property values. You do not need to make any regular repayments, although you are free to do so at any time. The amount you can borrow depends on a number of factors, such as your age and the value of your home. The home equity loan is designed to help you manage your financial requirements by accessing only what you need, as and when you need it.
What can I do with the money?
Many people use it to fund home repairs or improvements, travel to visit family members, pay for medical procedures, upgrade to a more reliable car, help your children purchase a home of their own, or a host of other uses to make life easier and more comfortable. The loan is designed primarily to release funds to improve your quality of life.
The loan is yours for you to choose whatever you choose.
Talk to an Adviser.
If you are over 60 and have a home, you may want to use the equity in your home. Be it enjoying a holiday with friends or family, buying a new car or doing some alterations. Contact one of our advisers today to see how we can help you.
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