Seniors can sometimes be ‘asset rich and income poor’ and the Seniors Access Home Loan is designed to assist people 63 years and over who own their home outright and would like the option to tap into their equity for everyday living or for extras such as a renovation, a holiday or a new car.
This “reverse mortgage” is secured against their owner occupied property and no regular repayments are required as long as the borrowers live in the home. They can make voluntary repayments towards the loan at any time or defer payment of the loan until the property is sold, all borrowers die, or if borrowers are no longer living in the house.
The Seniors Access loan allows seniors to borrow from $10,000 to $250,000 against the equity in their home. It is not suitable for customers wishing to lease/rent their property or customers that have boarders.