For some, it provides important funds to increase their retirement savings and help with living expenses. For others, it could be needing money for day-to-day expenses, home improvements, repair or maintenance or to help buy that much wanted caravan or go on that holiday.
How does a reverse mortgage work?
For those with a substantial asset in their personal property, the decision to put the family home, which they know, love and wish to remain in, up for sale to release the equity can be daunting.
A reverse mortgage presents a great alternative that allows individuals to stay in their home, realise its value and access the money they need right now.
A reverse mortgage involves entering into a contract where a person borrows against the value of their home and then receives funds without the need to make loan repayments. Instead, the loan balance is usually paid out when they sell the home to buy a less expensive property, move into aged care or is paid from the person’s estate once the house is sold after they pass away.
How do I know if this is right for me?
As a customer-owned bank, our approach to offering this product is focused on providing you with an ethical and valuable solution to your financial situation. This means taking the time to make sure you really understand the nature of the product and how it can work best for your situation.
We engage with you and, if appropriate, your family, to ensure they have a strong understanding of what is involved.
Everyone’s circumstances are different and that's why we want to sit down, understand what each person needs and help them decide if P&N Bank's Reverse Mortgage Home Loan is best for them.
How can I find out more?
For more information, or to find out how much you’re eligible to borrow, please contact us on 13 25 77 and we can arrange for you to speak with one of our accredited reverse mortgage lenders.