FAQ

Question 1: Do I continue to own my property?
Yes, you still have full ownership of your property and can continue to live in it for as long as you wish.

Question 2: Do I need to make regular repayments?
No. This type of loan is designed to last for the rest of your life.  You may make repayments, however the full repayment is only required should you sell your home, go into permanent long term care or it is settled as part of your estate.

Question 3: How much can I borrow?
You can borrow between $10,000 and $1,000,000 depending upon your age and the value of your property.

Question 4: Can I have a regular income to supplement my pension?
Yes, you can choose to have a regular income or a lump sum payment or a combination of both.

Question 5: Will a Reverse Mortgage impact my pension?
It is always advisable to clarify your personal situation with Centrelink.

Contact Centrelink Financial Information Service(FIS) telephone 13 23 00.

Question 6: Is the interest rate fixed or variable?
You may choose a fixed rate, variable rate or a variable rate with a "cap".

Question 7: Can my beneficiaries retain my home?
Yes. To do so however, they would be required to repay the outstanding balance of the Reverse Mortgage.

Question 8: How long does it take before loan funds are available?
Approximately 3-4 weeks from the time of application.