Seniors Finance is a “lifetime loan” for people 65 years and over against the equity in your home, holiday home or investment property Australia wide. (One person on the house property Title must be 65 years of age or over. The second person on the home Title only needs to be 60 years or over.)
It is your “reverse mortgage” or “lifetime loan” that allows you to borrow against the equity or asset value in your property for any purpose that you wish. These loans are know as Reverse Mortgages or Seniors Equity Loans.
It does not require any repayments on the life of the loan but you can make voluntary repayments if you wish to do this.
This seniors loan does not have to be repaid until you choose to sell your home or the last surviving borrower passes away. YOu dont have to worry about the Title on your home as it stays in your name and therefore your home will always be your home.
You can receive your money in a variety of ways – as a Lump Sum or have your own “cash reserve” limit as a re-draw facility and you can then draw down as you need the money, this is sometimes called a “Line of Credit” , or a combination of your options to suit your situation. It is your choice. Please ask about these options in a Reverse Mortgage.
If you have a current mortgage or loan on the property this maybe able to be paid out for you. You can use your money anyway you wish – additional income to enjoy yourself, home repairs, health care, holidays, to help your family, to buy a new car or pay out existing debts, mortgage, loans or credit cards – your choice.
The amount you receive will depend on the value on your property and the age of the youngest borrower.
If you feel that this “lifetime loan” – reverse mortgage loan could suit you or assist you with a better retirement life style please call us on 0411 152 933 and we will make a time to explain the process with you in person.