Reverse Mortgages

Seniors Loans are a lifetime mortgage, available to residential property owners over 55.

It allows them to release funds using the equity in their home or investment properties without the need to make any repayments as long as they are still living in their own home.

The Benefits. The Borrower can use the lump sum proceeds of a Seniors Loan for whatever worthwhile purpose they choose including accommodation bonds, home renovations, new car, gifting, debt consolidation and holidays.

Unlike a traditional mortgage, the Borrower does not need to have a regular income to apply.

No repayments are required until the loan is discharged in full; interest and fees are ‘capitalised’ to the opening loan balance for the life of the loan.

Borrowers can remain in their home for as long as they choose; full repayment is only due when the principal place of residence has been permanently vacated by all Borrowers.

Guaranteed Inheritance

Retain Full Ownership

The Borrowers retain full ownership of the Security Property until it is sold.

‘No Negative Equity Guarantee’ – the Borrowers will never owe more than the value of the Security Property.

They cannot be asked to sell the Security Property at any time, even if the loan balance exceeds the value of the Security Property, provided that the general Terms and Conditions have been met.

Borrowers can elect to guarantee a portion of the Security Property’s value to be available to them when the house is sold, through the ‘Protected Equity Option'.

This could be used, for example, to ensure an inheritance is available or to provide for medical expenses later in life.