What can you do with a reverse mortgage?
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Home improvements
Almost half of our customers take out a reverse mortgage for home repairs, renovations, or improvements.
We understand how important it is to stay in your home, and so it’s important that your home can meet your needs as you age.
Our customers who take out a reverse mortgage for home repairs use it to future-proof their home, such as:
- installing rails, bars and other safeguards to prevent falls
- rearranging the kitchen to enable easier, safer access
- repairing cracked pavement or concrete around the home, or
- installing a lift to aid mobility.
Improving your home with a reverse mortgage
Finding the money for property-related expenses can be difficult.
A reverse mortgage can help older Australians who no longer qualify for a traditional loan due to their age or income, or don’t want the stress of making regular repayments.
A benefit of a reverse mortgage is that regular loan repayments are not required. Interest is calculated on the balance outstanding and added to the loan monthly.
Our reverse mortgage allows for voluntary repayments at any time, which reduces the balance outstanding and interest charged. When you permanently move out of your home, the loan balance, which includes the amounts drawn and interest charged, will become payable.
Benefits of using a reverse mortgage for home improvements
Flexible payment options
Tell us how much you need to pay for home improvements as an initial advance. You can apply for a regular advance, or for a cash reserve in the future.
No need to move out
You remain the owner of your home and benefit from any potential increase in your home’s value over time.
Peace of mind
Have peace of mind knowing that you remain the owner of your home with our lifetime occupancy guarantee.
A case study of Fred
Unit in Gosford valued at $383,000. Age 71 years old...
Fred’s reverse mortgage enabled him to complete the home improvements he was hoping for, so he was able to live in his home comfortably, for longer, enjoying the renovation he had been planning.
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