Equity Release for Seniors - Reverse Mortgage - www.bhome.com.au - The Business & Home Loan Centre

Equity Release For Seniors

An equity release loan, also known as a reverse mortgage is only available to seniors over 60 years of age and is designed to provide an additional source of income to combat the increasing cost of living, where conventional savings or pensions may not be sufficient to allow you to comfortably live from day to day.
This form of funding is provided as a regular monthly income, a lump sum or a combination of both and is calculated based upon the amount of equity you wish to release from your property.

You are not required to make any repayments (but can if you so wish) whilst you are still living in your home, as all interest and fees are "rolled up" into the loan balance. You can also stay in your home for as long as you choose.

The Business & Home Loan Centre only utilise SEQUAL accredited lenders who follow a strict code of conduct when dealing with this form of finance, including a "No Negative Equity" guarantee, so that you will never owe more than the value of your property and you can stay in your home for as long as you choose.

We also encourage you to discuss your application for Equity Release funding with family, a certified financial planner and Centrelink if you are receiving benefits.

This product has several key advantages :

• Funds advanced are likely to be between 15%-45% of the value of the property.

• You are not required to produce bank statements or proof of income.

• Fixed Rate, Capped Rate, or a combination of both on a lump sum. Both provide a form of protection on interest rate rises.

• Transferable if you move house as long as the new property is of a comparable value to secure the loan.

• No restriction on the use of the funds.

• You retain full property ownership and retain all the benefits of any growth in the property value.

In addition through the "Protected Equity Option" you can choose to protect a portion of your home's future value. That way, you have a guaranteed proportion of the value of your home set aside for you or your beneficiaries, no matter what repayment you are required to make at the end of the loan or the subsequent movement in the value of your home.
Properties have over the past 20 years generally doubled in value over a period of between 8 to 10 years. Our view is that if a monthly income stream is taken and spread out over a period of 5 years as a income supplement, by the time that income has been fully utilized, the increased value of the property would have more than made up for any equity used.
To proceed with an Equity Release Loan or for a loan quotation, please complete the quick quotation form on our home page.