Our application fee covers the cost of assessing the loan, including arranging a full property valuation. 

Depending on your requirements, we may charge other fees. See our Fees and Charges Schedule. 

Other fees, not charged by us, include the cost of seeing your solicitor to receive independent legal advice, and Government charges. 

Interest is calculated daily based on the outstanding daily balance and charged monthly to your loan. Interest is calculated using our advertised variable interest rate. See our interest rates page for more information. 

If we make changes to our advertised variable interest rate, we’ll publish these changes in a national newspaper, on our website, and advise you of the new interest rate on your next statement.  

To take out a reverse mortgage loan with us, we require that you seek independent legal advice.

To help you monitor your mortgage, we will send you a statement every six months detailing the transactions on your mortgage over the previous period, including interest and any applicable fees and charges.

Our Loan Terms and Conditions require that you continue to live in your home,1 make necessary repairs and protect it from damage. You also need to adequately insure your property and pay your rates. These aren't all of your obligations. Your solicitor will provide you with more information.

We’ll send you a statement every six months, detailing the transactions on your loan over the previous period, including interest and any fees or charges.