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A Reverse Mortgage (also referred to as Equity Unlock for Seniors/Senior’s Loan/Reverse Home Loan) is a flexible financing solution for homeowners aged 60 and over (age restrictions depend on the bank), who are typically asset rich but cash poor.
It allows you to convert the equity in your home into cash for personal use.
The amount of equity that can be released is determined by your age and the value of your home.
Interest, fees and charges differ depending on the bank you choose; however, interest is capitalised (charged back to the loan of the account) and you are not required to make repayments (although you can).
The debt, including all interest and fees owed, is repaid to the lender when you sell your home, when you move for more than 12 months (i.e. move to aged care), or when you pass away.
It depends on the bank you choose, but you can usually take the funds as a lump sum, a regular income stream or a cash reserve.
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