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Reverse Mortgage Loans

A Reverse Mortgage is a loan for people aged over 60 who own a property and require funds to do the things they have often dreamt about, but have been unable to afford. By releasing the accumulated equity in the property borrowers can do that renovation they have always longed for, purchase a new car, take that overdue holiday or anything else they wish to do. 

These loans do not require any repayments but you can make voluntary repayments if you wish. The loan does not have to be repaid until the home is sold or the last surviving borrower passes away.

You can choose how you would like to receive the loan. It can be a lump sum or as a regular monthly payment to a nominated bank account to help with the ongoing cost of living. Some lenders offer a pre approved “credit limit” so that you can draw down funds as you require them (you only get charged interest on the amount drawn down). You can also have a combination of the above.

The amount of the loan depends on two factors. First, the value of your property and secondly the age of the youngest borrower; the older you are the more you can borrow.

At  Home Loan Solutions they are always happy to assist with any enquiries or concerns you or your family may have with regard to this product.

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