Seniors Finance Australia – a Reverse Mortgage or Seniors Home equity release loan is a "lifetime loan" for people 60 years and over on the Title of the property , against the equity in your home, holiday home or investment property Australia wide.
Types of Mortgages and Loan for Senior Citizens: 1. New mortgage – this is the traditional mortgage (5 year mortgage rates, 10 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 25 year mortgage rates, 30 year mortgage rates or 40 year mortgage rates). The main qualifier would be income and credit history.
In the reverse mortgage, senior citizens (borrowers), who own a house property. Also, since the borrower doesn’t have to service the loan, he need not bother about repaying the ‘borrowed amount’ to.
In reverse mortgage loan, senior citizens can keep their property as mortgage to the bank or NBFC of their choice. That lender in returns pays them a specific amount with interest rate every month like EMI. The amount is paid till their death. After their death, the bank or NBFC sells that mortgaged property.
Click here for the One Reverse mortgage nmls consumer access page. 2019 One Reverse Mortgage, LLC NMLS #2052. These advertisements and materials are not provided nor approved by the U.S. Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA).