A reverse mortgage is a loan available to homeowners aged 60 and over that allows you to borrow against the equity in your home without having to sell it or make regular repayments. Instead, the interest accrues and is repaid when the property is eventually sold — typically when you move into aged care or pass away.
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Frequently asked questions
What is the minimum age for a reverse mortgage?
Typically 60 years old. Some lenders require both applicants to be 60 if the property is jointly owned.
Will I still own my home?
Yes. You remain the owner and can continue to live in your home. The loan is repaid when the property is sold.
Can I owe more than my home is worth?
Under Australian consumer credit law, a reverse mortgage must include a 'negative equity protection' guarantee. This means you can never owe more than your home is worth at the time of sale.
Does a reverse mortgage affect my pension?
Potentially, yes. The funds from a reverse mortgage may affect your Centrelink income support or aged pension entitlements. We recommend discussing this with a financial adviser before proceeding.