The Government has a reverse mortgage scheme.
It is available only if you are over pension age and own property.These are the only requirements.
The terms and interest rates are set by the government
Currently interst rate is 3.95% It is available in a lump sum each year or a fortnightly amount.
It is not repaid until you both leave the property ,either through your estate or if you sell the property whilst you are alive.
Full details are available on the Centrelink Website Home Equity Access Scheme ( HEAS )
Applications are made through Centrelink.
The amount of loan available depends on the age of both parties and the proportion of the property you wish to Mortgage.
Doug McQualter

 

[DZUDI]

Be very wary of any REVERSE MORTGAGE SCHEMES.

 

[tekkac]

More money for the Governmment, as if they don't get enough already

 

[Annna]

Be very wary of any REVERSE MORTGAGE SCHEMES.

True. You'd need to read all of the paperwork or pay a lawyer to do it and advise.

Having said that, there are circumstances where reverse mortgage can be a good thing. For example:

1. You are asset rich and otherwise poor; or

2. You have no children; or

3. You have children who are all financially independent; or

4. You wish to remain in your home and don't want to downsize.

If you don't obtain funds this way, you may be left to live poor while financial aid (and the ability to enjoy life) remains locked in the bricks.