What is a Reverse Mortgage?
Reverse Mortgages Explained
A reverse mortgage loan is a loan available for property owners who are 60 years and over. A mortgage is created against the equity or asset value in their home, holiday home or investment property.
This equity can be taken out in a lump sum, through regular ongoing payments, or as a combination of both. Interest is capitalised and no repayments are necessary.
The principal loan amount is not required to be paid back until the borrowers either pass away, sell or leave the home.
Always Seek Expert Independent Advice
We always recommend to secure independent advice from an experienced mortgage broker before you sign on to any mortgage. Consider it as a cross-check before committing to what may be a complicated, inflexible and unsuitable financial commitment. It is also complimentary.
Legal advice is alrecommended prior to considering this type of finance.