What is a reverse mortgage?

A reverse mortgage allows Australian homeowners aged 60 or over to access the equity in their home without needing to sell or make regular repayments. The loan is repaid when the borrower sells the home, moves into aged care, or passes away.

How can I use the funds from a reverse mortgage?

Funds from a reverse mortgage can be used for various purposes, including home renovations, medical expenses, travel, or supplementing retirement income.

Will I still own my home?

Yes, you remain the legal owner of your home and can live in it for as long as you wish, provided you meet the loan conditions.

Are there any risks associated with reverse mortgages?

While reverse mortgages offer financial flexibility, they can reduce the equity in your home over time due to accumulating interest. It's essential to understand the terms and seek professional advice before proceeding.