Reverse Mortgage
Reverse mortgage loans allow people to access equity from their homes or real estate investments. Some want to access the value of their home for enjoyment, while others find that they have a great asset in their ‘home’ but are cash poor. Instead of selling the family home and moving into a less expensive property they can borrow on the value of their home.
Reverse mortgage loans, or equity release products, are typically available to borrowers 60 years and over. How much you can access generally depends on your age and the value of your home. Repayments are not necessarily required however the interest charged to your loan accrues over time, increasing the loan.
A reverse mortgage loan can be an ideal option for some, but it is not something to be entered in to lightly. This area of finance is becoming a more specialist field as there are many issues to consider for both the lender and borrower. So, as with any financial decision, seek advice before committing. For an overview and more information, visit the SEQUAL website (external website).
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