REVERSE MORTGAGES -
SENIOR'S EQUITY
Release the equity in
your home
Obtain lump sum or
regular payments or both
Guarantee, no
negative equity
Protected equity
balance option available
No repayments ever
until you move, sell or pass away
Keep title and
ownership of your home
Interest rate options
are flexible, you may choose your's
A loan interest is added and normally no
repayments are necessary until the borrowers permanently choose to leave
the home for any reason (ie, death) is a Reverse Mortgage. Repayment
option is always available although not required. Mortgages work in the
opposite way to a home loan. Instead your repayments to reduce the
amount owed it get accumulated to loans, thus reducing equity in your
house.
Some customers in this age group do
not earn sufficient cash to live but have wealth in assets. Seniors
equity release help them to use part of that wealth without selling the
property. It is of your interest to take advice from a Solicitor or an
Accountant about your position before you apply for reverse mortgages.
How much could you borrow
(percentages may change, example only)
| AGE |
60 |
65 |
70 |
75 |
80 |
85 |
90 |
95 |
| LVR |
15% |
20% |
25% |
30% |
35% |
40% |
45% |
50% |
L V R = Borrowings expressed as a
percentage of property value
If you wish to leave aside an ESTATE, to that
extend lender will not touch your property value, leaving your
beneficiaries to claim that money.
Equity Access Loans (Release equity
in your own home to meet living expenses)
You do not repay loan. You do not need lot of
money to live either. Initial mortgage consider your life
expectancy and the amount of equity to release. Seniors over 55 are
guaranteed, no negative value
in their asset at the end.
When interest and withdrawals get accumulated
to a loan amount, your equity in the secured property drops. Examples of
maximum percentage LVR and related loan amount for each age group is
given above. When you get older, you are eligible to draw more.
Also, with time your property may have capital
gains to increase it's value. This enable you to draw more if necessary,
when it occur. Release money today will give you a better life when
you are alive and need it, that is the concept behind Equity access.
Key term of the loan is that you remain living in
the property "YOUR OWN HOUSE" . If you are unable to care for
yourself and must move out, the property may need to be sold
irrespective of market conditions and the loan is repaid . Please seek
advise from you accountant or solicitor as to suitability of this
product.
