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For the over 60's
As governments put more responsibility on individuals to fund their own retirement, many people find that their super and other income sources such as the pension dont’t provide enough money to support the lifestyle they want. An obvious option is to sell their biggest asset - their home, but that too may be part of the way they want to live. This is where a reverse mortgage may provide the answer.
A reverse mortgage is available to residential property owners over 60. It allows you to release funds using the equity in your home. You can use these funds as an income stream or for personal lifestyle needs like travel, home improvements etc.
Like a traditional mortgage there's interest to pay, but you dont’t have to make monthly repayments. The interest is capitalised, which means it’s added to the amount of the loan.
When your home is eventually sold you'll pay back the amount of the loan (the cash you received) plus the interest owing. There are a range of reverse mortgage options available. Which one is the most appropriate for you depends on your individual circumstances and other factors.
This is where the knowledge and experience of your Lightning Fast Home Loans consultant can be invaluable. Having attained SEQUAL accreditation, we have maintained the highest, specific industry qualification available to ensure that you get specialist advice. We can look at your total situation and work with you to explain all your options and the advantages and risks associated with each. Then we'll ensure you get the full benefits from the loan of your choice.
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