Resources: Home Loan Types
Reverse Mortgage Home Loans
This type of mortgage is available to residential property owners over 60. By using equity in the home it enables those eligible to release funds and these funds then act as an income stream for personal lifestyle needs.
Interest is payable however there are no monthly repayments and the interest is capitalised, meaning it's added to the loan amount. When the property is eventually sold the loan amount is repaid plus all accrued interest.
Many options are available and which one is appropriate to depends entirely on individual circumstances and other factors.
To check out the latest Reverse Mortgage home loan rates click here.
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