How to Use the Equity In Your Home

Equity release mortgages, sometimes called Reverse Annuity Mortgages, are designed to help homeowners aged over 60 maintain your standard of living and quality of life by releasing some of the equity out of your home.Often you will be living in a home worth hundreds of thousands of dollars, and by accessing some of these funds without having to move, you can do the things you need, or always wanted to do including home repairs, updating to a safer and more reliable car, or for something special like traveling to see your grandchildren.

The total loan amount, including accumulated interest, is only repayable when you move permanently from your home; this is usually when you pass away or move into long term care.

You are free to continue to own and live in your home for as long as you wish.

You do not need to make any regular repayments, although you are free to do so at any time. The amount you can borrow depends on a number of conditions, such as your age and the value of your home.

In a nutshell

• The amount you can borrow is based on your age and value of home
• Minimum loan amounts can vary from an initial $1,000.00 to $10,000; then you can come back and take what you need, when you need, up to your maximum entitlement
• Important to note you still own your own home – not the lender, therefore you will benefit from any capital growth over the years
• No repayments to worry about – loan and accumulated interest repaid when you move permanently from your home – usually when you pass away, or move into long term care

Our brokers have access to many different equity release lenders so have a lot of options available for you to consider. We are aware that this isn’t a decision that is made easily and we are happy to meet with you and your family members to discuss it further.

Further information about Equity Release can be found in the Frequently Asked Questions. For personal help, email Mortgage Link broker.