Choice Home Loans for Reverse Mortgages

As the Australian government puts more responsibility on individuals to fund their own retirement, many people find their super and other income sources, such as the pension, don't provide enough money to support their lifestyle. Sometimes it`s not just a case of the little extras but also the critical necessities such as medical expenses or a new car. An obvious option for many is then to sell their biggest asset - their home, but that could just be compounding the problem. This is where reverse mortgages may provide the answer if you`re a full or partial pensioner or a fully funded retiree in need of extra cash.

Reverse mortgages are available to residential property owners over 60 and are viable finance options for pensioners. It allows you to release funds using the equity in your house. You can use these funds as an income stream, or to borrow against, for personal lifestyle needs such as travel, home improvements etcetera.

As with a traditional mortgage, there is interest to pay but you are not required to make monthly repayments. The interest is capitalised, which means it's added to the amount of the loan.

When your home is eventually sold you pay back the amount of the loan (the cash you received) plus the interest owing.

There are a range of reverse mortgage for over 60s options. Choosing the reverse mortgage home loan which is most appropriate for you depends on your individual circumstances and a range of other factors.

This is where the knowledge and experience of your Choice Mortgage Consultant can be invaluable. Our mortgage brokers look at your total situation and work with you in a professional and sensitive way to explain all your options and the advantages and risks associated with each of the loans, and whether a variable or fixed mortgage rate is the most suitable.

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Bruce Johnson is one of our many Choice brokers that can help guide you through the mortgage maze.