REVERSE MORTGAGES

If you are retired, over 60 years of age and own your own home, you are eligible to apply for a reverse mortgage

(lender terms and conditions apply)

The term "reverse mortgage" is used because these loans work in reverse to the usual way a loan facility operates. Instead of borrowing money to buy a home, borrowers are using equity in the home they already own to borrow money for other purposes. 
This type of loan is particularly suited to the 'cash poor, asset rich' as it enables them to access a cash flow out of the equity they have in their home, and there’s no need to sell it. The funds drawn from a reverse mortgage can be used for many purposes. Examples include; purchasing new items like air-conditioning, a new car or home renovations. Some people apply the cash to pay for medical expenses or overdue utilities. Many retired couples are finally able to realize their dream of traveling, and can purchase the necessary equipment, while enjoying the security of a cash reserve at the same It is possible to receive the principal in the form of regular part-payments over time, or in the form of a lump sum. Some lenders will allow a combination of these methods.
No repayments are required during the loan term with the total interest, fees and charges being taken out of the estate on the borrower's death or sale of the home when they decide to move.
The amount you can borrow varies according to the individual lender policies.

If you would like to no more about how reverse mortgages could help you, please contact us to arrange an appointment