Pensioners and Seniors are now catered for by a number of major banks and non-bank lenders alike. They have loans called Reverse Mortgages that are quite different to a traditional home loan where the borrower makes regular repayments on the home loan to pay it off over a period of 20 or 30 years.

With a Reverse Mortgage the borrower starts off with little or no debt, but can make a lump sum withdrawal or arrange for regular “pension style payments” to be made from the facility. This acts as a type of pension to supplement your existing income, and thereby enhances your lifestyle without affecting old age pensions or other entitlements. After all you are spending your own home equity and this is not income. The lenders put a borrowing cap on your loan so that you can’t over borrow and lose your home. The loan is repaid in full when either you move to a retirement facility and sell your house, or when the estate is finalised. This is an attractive offer for many people who are in the latter stages of their life with solid assets but little cash for necessary medical expenses, perhaps life saving operations, and quality of life issues etc.

It just doesn’t make sense to live with health problems that can be easily solved, pain that can be cured, large bills that can be met, or just dreams that can be lived if only you could access some of the equity locked away in your house. It is your house and you have earned the right to live with dignity and enjoy the fruits of a lifetime of labour.

What is not commonly known is that there are other options apart from a reverse mortgage where you can access the equity in your home, and at better interest rates. This may suit a borrower who has to cover large hospital and medical costs for a lifesaving operation, or some other necessary large expense. Regular pension style payments to your bank account can still be set up, and you still have the option to draw larger amounts if required.

In years gone by banks would not lend to pensioners because they didn’t have the income to service the loan, and many people had to sell their house and downgrade to access their equity. Often they were forced to move to a different area away from their family and friends. However this is an entirely new concept that allows you to stay in your house and access your home equity.

We would all like to pass on our assets to our children, but do they want you to suffer for that, or live below your standards. If you have a need for additional money for any reason then this option may be the answer for you.
You can apply online with us and we will discuss your options and offer more than one solution so that you can carefully choose the option that suits you best. We recommend that you discuss this option with your accountant or a trusted adviser, but be assured we only deal with banks and reputable non-bank lenders.

Enjoy a long and healthy retirement and Apply on Line Now.