A Reverse Mortgage provides you the financial freedom to stay independent through retirement, allowing you to borrow against the equity in your home, without having to sell, by releasing funds for a well-earned and comfortable retirement.
Mortgage Masters Queensland holds accreditation with all Australian lenders who offer this unique product so we can find the product that best suits your needs. We recognise that flexibility is extremely important and have access to products that provide flexible drawdown options, and the ability to repay, partially or in full, at any time, without penalty.
Home equity release is a new idea for some, so if you need more information, please remember we are only a phone call away to answer any of your questions.
Many seniors are now living in homes that hold much of their wealth. By accessing this without having to move you can achieve the things you have always wanted to do, enjoying your retirement to the full.
So how does a reverse mortgage work?
A Reverse Mortgage is designed to help you manage your financial requirements by accessing only what you need, as and when required. The amount you are able to borrow depends on a number of factors, such as your age and the value of your home. You are able to live in your home for as long as you wish, benefiting from any potential increase in property values. Making regular repayments is not necessary, although you are free to do so at any time.
You will always retain ownership of your home. The Reverse Mortgage will become repayable when you sell your property, move into long-term care or pass away.
Reverse Mortgage Loan Drawdown Options
Your financial needs can vary based on your circumstances. At Mortgage Masters Queensland, we believe a Reverse Mortgage should be flexible and want to make sure that you are comfortable with your loan.
1. Reverse Mortgage Lump Sum
This is the initial payment made on settlement of your Reverse Mortgage loan. You will receive a lump sum that could be used for home renovation, a mortgage refinance, and a refundable accommodation deposit for aged care, purchase of new car, debt consolidation, and more. A minimum lump sum amount must be initially drawn, but on top of this, you can receive funds in the future in the form of a Regular Advance (a reverse mortgage annual, quarterly or monthly draw) or Cash Reserve facility for future funding needs.
2. Reverse Mortgage Regular Advance option
Many of our clients are looking for a reverse mortgage monthly draw as a funding option. A Regular Advance option can be setup as a monthly, quarterly or annual payment over 5 or 10 years and meets this reverse mortgage monthly draw need. A Regular Advance option can help supplement your retirement income.
3. Reverse Mortgage Cash Reserve
A Cash Reserve facility will enable you to set aside funds that can be used for future needs such as emergency expenses, unplanned home repairs, healthcare, holidays, and more. You can easily access this cash reserve and, the good news is, you don’t have to pay any interest on the undrawn amount.
Remember, no interest is charged on any amount of the facility that has not been drawn down.