Reverse mortgages
Considering releasing equity from your home in retirement? A Berwick mortgage broker helps you understand whether a reverse mortgage may be appropriate.
Accessing equity without selling your home
A reverse mortgage may allow eligible older homeowners to access some of the equity in their property without selling their home or making regular loan repayments.
What the funds may be used for
The funds may be used to:
- Supplement retirement income
- Pay for home renovations or modifications
- Cover medical, aged-care or other significant expenses
- Consolidate eligible debts
- Assist family members financially
- Create a financial buffer for unexpected costs
- Receive funds as a lump sum, regular payment or line of credit, depending on the lender
Interest and fees are added to the loan balance, which generally increases over time and reduces the equity remaining in the property. Eligibility, loan limits and available features vary between lenders.
Understanding whether it’s appropriate for you
Domain Finance Australia will explain the potential benefits, costs and long-term implications, review the available lending options and help you understand whether a reverse mortgage may be appropriate for your circumstances. Independent legal and financial advice may also be required before proceeding.
Get in touch with Domain Finance for an initial conversation — no obligation.
This page is general information only and does not constitute financial or legal advice. Reverse mortgages are complex products with long-term consequences for your home equity and estate — independent legal advice is strongly recommended, and typically required by lenders, before proceeding. All loans are subject to lender credit assessment and approval criteria. Domain Finance Australia — Credit Representative 571799, authorised under Purple Circle Financial Services Pty Ltd, Australian Credit Licence 486112.