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Seniors equity loans by lenders are for over 60, ASIC guidelines help you understand limitations in these mortgages, mortgage broker can visit you and help you find best deals, no repayment is expected although you could repay or refinance, balance of your home loan increase instead reduction.

Reverse Home Mortgage is a protected equity loan capped to a LVR depending on your age therefore it is unlikely to be a negative equity loan. Reverse mortgage work in the opposite way to a mortgage home loan. Instead your repayments to reduce the amount owed equity release mortgage interest is added to your loan and normally no repayments are necessary until the borrowers permanently choose to leave the home, death or any other reason. Repayment option is always available although not required.

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Some customers in this age group do not earn sufficient cash to live but have wealth in assets. Reverse loans for over fifty five years known as seniors equity release finance 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 a equity release loan.

What is an Equity Release Plan ?
An Equity Release Plan (commonly known as a reverse mortgage) is a loan designed for people aged 60 and above who wish to access the equity that they have accumulated in their own home. An equity release plan enables the borrower to unlock the equity in their home and convert it into cash - either as a lump sum, income plan, or a combination of both.
 
An equity release plan requires no monthly repayments throughout the life of the plan. The interest is simply capitalised (progressively added to the amount borrowed) and only becomes repayable when the borrower sells their home, moves out of their home permanently or when the last surviving borrower passes away. Our lender panel will not benefit from the capital growth in your property.

It is simple. The only requirement for a Equity Release Plan is that the youngest borrower is over 60 years old and owns their own home. If the borrower has an existing mortgage on their home, it is repaid by Reversed Mortgage Lender and any surplus is available for the borrower when ever it is needed for a purpose.

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 we 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)

Reverse mortgage brokers help seniors over 55 with equity home mortgage loans.

You do not repay loan. This is why initial loan has a very lower LVR leaving room for any interest and withdrawals to get accumulated to loan amount. 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. Release money today will give you a better life when you are alive, 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.

 
 

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It is our duty to help you find a better loan
Sydney Mortgage Loans Offer You No Obligation Service (Free Service)
You can shop around to find out mortgages available for you. Don't get disappointed when you fail to get one, we help you to get another.
We serve all suburbs in Australia.

 

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Our commitment to you is that we analyse your existing finance strategies with a view to help you to obtain a better product, this may help you to select an appropriate loan.

We aim to get you a better loan.

Call us on 0422 505 820.

Our lenders offer Australian seniors finance. They disclose risk on reverse mortgage to consumers before home equity release loans are sold. You are advised to read ASIC guidelines on seniors equity release, how it will apply to you, before accepting a loan

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