A Seniors Home Equity Release Loan is a special type of loan that allows you to access the equity you've built up in your home. These loans are also referred to as reverse mortgages.If you're over 60 and own your home, you may wish to consider our seniors loan as an option for managing your finances. It allows you the freedom and independence to access funds while continuing to live in your own home. | |
Benefits at a Glance- Use the money for any personal or investment purpose you wish
- Title remains in the home owner's name
- Money can be received in a lump sum, monthly payments cash reserve or both
- You are not required to live in the home
- No repayments required until title is transferred²
- Protection available if you wish to leave an inheritance
- Independent legal advice required
- Our no negative equity pledge means if the sale value of your property does not cover the outstanding loan balance we will not ask you or your estate to make up the difference²
- Choice of variable and fixed interest rate options
1 Terms & conditions apply and are available on request
2 Assuming you are not in default of our terms and conditions
* Home visits may not be available in some areas Am I Eligible?You must meet the following: - Be at least 60 years of age
- In the case of a couple, both must be 60 years or over and both own the property
- Be a homeowner with equity in your home. While you may qualify even if you have an outstanding mortgage, you will be required to pay out the mortgage with the funds received from the equity release loan prior to receiving the balance of the money
CLICK HERE TO SEE IF YOU QUALIFY
Comparison Rate Schedule View the Comparison Rate Schedule
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. *Over Fifty Seniors Equity Release Pty Ltd does not provide credit for the terms specified in this Schedule. What Are the Next Steps?1. Discuss your intentions with your family or trusted advisers 2. Contact us by email or telephone to arrange a free no-obligation home visit, or to receive an application form 3. Complete and submit the application form with our advisor 4. We will arrange to have your home independently valued 5. Speak to your lawyer before signing the formal loan documentation 6. After signing the loan documents, and assuming you have met all our requirements, you will receive the funds within approximately five working days
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