What is a reverse mortgage?
A P&N Bank Reverse Mortgage Home Loan is a reverse mortgage option for those in the Perth area and aged over 65. A reverse mortgage allows you to continue to own and live in your own home and draw upon the equity in your home to live a more comfortable retirement.
How does a reverse mortgage work?
A reverse mortgage works by unlocking the equity in your home, allowing you to live a more comfortable retirement, fund living or health expenses, travel plans and more. There are no loan repayments required and when you sell the home, move into an aged care home or pass away, the loan and interest charges will be repaid from the sale of the property.
What are the benefits of a reverse mortgage?
- Enjoy your retirement – use the funds for any purpose such as travel, a new car, home improvements, medical costs or living expenses.
- No regular repayments required – no regular repayments are required but you can make voluntary repayments at any time.
- Redraw facility - any additional payments made into the loan can be accessed if you need them.
- Negative equity guarantee – the amount required to repay the loan will never exceed the net sale proceeds of the property.
Am I eligible for a reverse mortgage?
To get a reverse mortgage with P&N Bank, you must be aged over 65. Contact us today via the options listed to speak to our friendly team and find out more.
Find out more about reverse mortgages to decide if it may be the right option for you.
|Reverse Mortgage Home Loan||9.00% p.a.||9.01% p.a.|