Reverse Mortgages helping Seniors to fresh start/ Accredited Broker Norwood and Campbelltown
A reverse mortgage in Australia allows homeowners aged 60 and over to access the equity in their home without having to sell or make regular repayments. The loan is repaid when the home is sold, typically after the owner moves into aged care or passes away. The amount borrowed is often taken as a lump sum, a regular income stream, or a line of credit.
How it works:
Eligibility: Generally, homeowners aged 60 and over are eligible.
Borrowing: You can borrow a percentage of your home's value, which increases with age.
Accessing Funds: You can receive the borrowed amount as a lump sum, a regular income stream, a line of credit, or a combination.
No Repayments: There are no required regular repayments while you live in the home.
Interest and Fees: Interest and fees compound over time, increasing the loan balance.
Repayment: The loan is repaid when the property is sold, usually when the borrower moves into aged care or passes away.
Government Protections: You can't owe more than the home's sale price.
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