Am I eligible for a Reverse Mortgage?

In Australia, reverse mortgages are generally available to homeowners aged 55 or over. You must own your home, meet lender property criteria, and be able to maintain rates, insurance and upkeep. The amount available depends on your age, property value and lender policy. Seniors First assesses eligibility across multiple specialist lenders.

Is a Reverse Mortgage safe for older Australians?

Yes. Reverse mortgages are heavily regulated in Australia and include safeguards such as the No Negative Equity Guarantee, mandatory legal advice, full disclosure, responsible lending obligations and broker Best Interest Duty. You retain the right to live in your home for life provided conditions are met.

How much can I borrow with a Reverse Mortgage?

Borrowing depends on your age, property value, lender LVR limits and existing mortgages. As a guide, borrowing may start around 15–20% at age 60 and increase with age. Seniors First compares multiple lenders and provides calculator estimates before personalised advice.

What can a Reverse Mortgage be used for?

Funds can be used flexibly, including retirement income, living expenses, debt consolidation, medical costs, home repairs, vehicles, family support or travel. Access options include lump sums, income streams or cash reserves depending on the lender.

Do I keep ownership of my home?

Yes. You remain the legal owner of your home. The loan is repaid when you sell, permanently move out or pass away. The No Negative Equity Guarantee ensures you or your estate never owe more than the property value.

Why choose a specialist Reverse Mortgage broker?

Specialist brokers provide access to niche lenders, broker-only rates, deep product comparisons, Centrelink expertise, regulatory compliance, loan structuring strategies and coordination of mandatory legal and financial advice. Seniors First has specialised exclusively in reverse mortgages since 2006.

What are Reverse Mortgage interest rates?

Reverse mortgage interest rates are generally higher than standard home loans due to the absence of repayments and compounding interest. Rates vary by lender, structure and market conditions. A specialist broker helps compare options and explain long-term impacts.

Will a reverse mortgage affect my Age Pension?

Usually not, but it depends on how funds are used. Money spent on exempt assets often has no impact, while cash or investments may affect Centrelink assessments. Seniors First explains general considerations and recommends confirming with Centrelink or an FIS officer.

Access Wealth In Your Home, Without Selling

Release home equity for cash, and avoid downsizing.

If you’re 55 or over and looking to access the equity in your home, downsizing isn’t your only option. A Reverse Mortgage can help you unlock home equity without selling, moving, or making regular loan repayments.

At Seniors First, we help older Australians understand whether a Reverse Mortgage is the right way to access funds while staying in the home they love.

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20+ Years Experience

No Obligation

“We stayed in our home.”

Margaret & John, QLD

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Reverse Mortgage: The 'Downsizing Alternative'

A downsizing alternative is a way to access some of the wealth built up in your home without selling the property. For eligible homeowners, a Reverse Mortgage allows you to borrow against the equity in your home while continuing to live there.

You remain the owner of your home. There are no regular loan repayments required. The loan is usually repaid later, when you sell the home, move into aged care, or the property is eventually sold.

This can give you access to funds now, while giving you more time and flexibility before making a major decision about your home.

Keep your home

You remain the owner and continue living where you love.

No regular repayments

Interest is added to the loan and repaid later.

No Negative Equity

You'll never owe more than your home is worth.

Watch: informative explainer video

How the Downsizing Alternative works.

A short video explaining how a Reverse Mortgage lets you access home equity without selling — and what to consider before you decide.

Why consider a Reverse Mortgage instead of downsizing?

Downsizing can make sense for some people. But it is also a big financial, practical, and emotional decision. Here’s a side-by-side look:

Option A

Selling & Downsizing

Finding the right buyer in current market conditions
Buying or renting somewhere new — and competing for it
Selling costs, stamp duty, moving costs
Leaving neighbours, doctors, friends, routines
Sorting through decades of belongings
Adjusting to a smaller or different home

Option B

Reverse Mortgage

Stay in the home you know and love
No selling costs, no stamp duty on a new place
No regular loan repayments required
Keep your community, GP, neighbours, routines
Access funds as lump sum, income, or reserve
Protected by the No Negative Equity Guarantee

For many people, the idea of downsizing sounds simple at first — but becomes much harder once the real costs and disruption are considered. A Reverse Mortgage may help you avoid rushing that decision.

It can provide access to funds while allowing you to stay in the home you know and love.

Check eligibility

How Can a Reverse Mortgage Help?

A Reverse Mortgage can be used in several different ways, depending on your needs and goals. You may choose to receive the funds as:

A lump sum

One-off payment — useful for home repairs, paying out debts, a new vehicle, or aged care bonds.

Regular monthly payments

Monthly payments to supplement your pension or other retirement income.

A cash reserve facility

A standby facility — only draw what you need, only pay interest on what you use.

Or a combination, depending on lender options and eligibility.

The money may be used for a wide range of retirement needs, such as:

Supplementing retirement income
Paying for home repairs or renovations
Covering medical or dental costs
Paying out existing debts
Helping with aged care or in-home care costs
Making the home safer and more comfortable
Funding a car, mobility aids, or accessibility improvements
Helping family, where appropriate
Creating a financial buffer for unexpected expenses

For many people, the idea of downsizing sounds simple at first — but becomes much harder once the real costs and disruption are considered.

A reverse mortgage may help you avoid rushing that decision.

It can provide access to funds while allowing you to stay in the home you know and love.

Who Is This For?

This option may suit homeowners who:

Are aged 55 or over
Own their home, or have a relatively small mortgage remaining
Need or want access to cash in retirement
Have considered downsizing but are not ready to sell
Would prefer to remain living at home (at least for now)
Want to explore their options before making a major property decision
Are looking for a regulated lending option designed for older Australians

A Reverse Mortgage is not right for everyone.

It can affect the equity left in your home over time, and it may affect future choices, including aged care planning, estate planning, and your ability to leave an inheritance.

That’s why Seniors First focuses on education, careful assessment, and helping you understand both the benefits and the risks.

Check eligibility

When Might a Reverse Mortgage Be a Better Option Than Downsizing?

You Need Stop-Gap Cash Before Selling Later

You may already know that you want to downsize eventually — just not right now.

Perhaps you want to wait a few years, finish renovations, support a partner through health issues, or simply take more time to decide where you want to live next.

A Reverse Mortgage may provide short to medium-term cash flow while allowing you to stay put until the timing feels right.

This can be helpful if you need money now but do not want to be forced into selling before you’re ready.

Property Values Have Fallen and You Don’t Want to Sell at the Wrong Time

In some areas, homeowners may feel that property prices are softer than expected.

If you believe your home is worth less today than it might be in future, selling now could feel like locking in a disappointing result.

A Reverse Mortgage may allow you to access some equity without immediately selling the home.

This may give you time to wait for market conditions to improve — although property values can rise or fall, and there are no guarantees.

You Love Your Home and Don’t Want to Move

For many older Australians, the family home is more than a financial asset.

It may be where children were raised, where memories were made, and where neighbours, doctors, shops, friends, and routines are familiar.

Moving can mean losing more than space.

It can mean losing comfort, independence, and community.

A Reverse Mortgage may help you stay in the home you love while using some of its value to improve your lifestyle or meet important expenses.

Check eligibility

What our customers say

Rated 4.9 stars on Google with over 560 reviews. Here's what some of our customers have to say about their experience with Seniors First reverse mortgage brokers.

Robert K.

4 weeks ago

Seema was extremely helpful and explain the process with us every step of the way.
Anyone thinking of a Reverse Mortgage to use Seema from Seniors First would find it advantageous to do.

Paul V.

4 weeks ago

Thank you Seema

Bruce C.

4 weeks ago

Hi Angela

Thank you for all the help that you provided in this matter.

Your service was exemplary. You guided us in what could be a complicated and stressful process at our stage of life. Your assistance relieved us of those pressures.

We would recommend your service to anybody.

Thank you

Bruce & Judith

Colin B.

1 month ago

totally friendly and helpful through the whole process, thank you Angela

Karen J.

1 month ago

What initially felt like a daunting process, was made seamless and easy. My broker Palka ensured that I was well informed at every step of the application process and was always readily available to respond to my questions. I feel excited to be able to move forward with my plans now.

Lesley W.

3 months ago

We were very happy with the speedy and professional service from Seniors First. They helped us navigate all the options available and sorted out the paper work, making it a simple operation to find and apply for the most suitable reverse mortgage for our needs. Highly recommend!

David B.

3 months ago

I was very happy with Seniors First to organize my affairs. Seema was a nice person to deal with and great at getting my application approved, she persisted with my lack of Technology and sending documents. Her experience and knowledge will guarantee success.

barry T.

3 months ago

Understanding, deciding, facilitating and processing an application for a reverse mortgage is not a simple process, however having a Broker who works closely with you step by step is an absolute must have. We choose Seniors First based on peer and industry reviews coupled with the explanatory telecasts they provided explaining what was involved. Having decided to explore further we linked up with our Broker, Angela Giokaris via a lengthy phone discussion. Throughout the following weeks as the application process progressed we were confident that we were in good hands. Angela remained in contact every step of the way, openly ensuring we understood the pros and cons of a reverse mortgage and facilitated every step of the journey. Importantly, there were a couple of conditions from Heartland, our chosen bank, that we had issues with. Angela negotiated with Heartland on our behalf and secured the conditions we were chasing. We found Angela to be highly professional, very knowledgeable of the reverse mortgage product and banking generally. Importantly also, friendly, patient, considerate of our needs, thorough in detail and overall an absolute pleasure to work with. We are very happy with the end result and being able to convert our asset value to a cash value and opening the door to the rest of our lives. We would wholeheartedly recommend Seniors First, and in particular Angela to anyone who is considering going down this track. Barry.

Bobby Y.

4 months ago

I found the consultant from Senior first Richard Chapman, was extremely helpful and also very knowledgeable regarding reverse mortgages. He was always available to assist with any of out questions and or concerns. We found this process very smooth and seamless. My wife and I had many questions during this process, which were always handled with patience and understanding. I would recommend Senior First for anyone thinking about a reverse mortgage they make it easy.
Thanks guys.
Bobby Yarbrough

Ray and Carolyn D.

6 months ago

We were/are clients of Palka Kumar. We were impressed with her friendly nature and boundless knowledge of the industry. We had a number of Tele-conferences with her as she guided us through the process and let us know from the outset that she was with us the whole way through to conclusion. Palka was always available to answer any questions and kept us informed as the process went through the various stages. We have nothing but praise and appreciation for Palkas commitment to her clients. She always made us feel assured and relaxed about a sometimes daunting process. Outstanding.

What Are the Safeguards?

Reverse Mortgages in Australia are regulated consumer credit products.

Important protections include the No Negative Equity Guarantee, which means you cannot owe more than the market value of your home when it is sold, provided you meet your loan obligations.

You remain responsible for things like:

Maintaining the property

Paying council rates

Keeping the home insured

Meeting the terms of the loan

Because interest is added to the loan over time, the amount owing will usually grow. This means there may be less equity available later.

A Reverse Mortgage should be considered carefully, especially if you plan to sell in future, move into aged care, or leave money to your estate.

Seniors First can help explain these issues clearly, so you understand what may happen now and in the years ahead.

Check eligibility

Is a Reverse Mortgage Better Than Downsizing?

Not always.

Downsizing may still be the right decision if:

Your home is too large or difficult to maintain
You want to move closer to family
You want a simpler lifestyle
You need to release a larger amount of capital
You are ready to make a permanent change

But if you are only considering downsizing because you need access to cash, a reverse mortgage may be worth exploring first.

It may allow you to stay where you are, access funds, and delay or avoid selling your home.

The key is understanding your options before making a decision.

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Frequently asked questions

Get answers to common questions about reverse mortgages in Australia. Can't find what you're looking for? Contact us for a free consultation.

Can I use a reverse mortgage instead of downsizing?

Yes, some homeowners use a reverse mortgage as an alternative to downsizing. It allows eligible older Australians to access part of their home equity while continuing to live in the property.

Do I still own my home?

Yes. With a reverse mortgage, you remain the owner of your home. The lender does not take ownership of the property.

Do I need to make regular repayments?

No regular repayments are usually required. Interest is added to the loan balance and the loan is generally repaid when the home is sold, you move into aged care, or the last borrower passes away.

Can I sell the home later?

Yes. You can sell the home later if you choose to. The reverse mortgage would usually be repaid from the sale proceeds.

What if I only need money for a few years?

A reverse mortgage may be used as a short to medium-term option, but costs and interest still need to be considered carefully. It is important to understand how the loan balance may grow over time.

Could this affect my Age Pension?

It may, depending on how the funds are taken and used. Seniors First can help explain the general issues, but you should seek advice from Services Australia or a qualified financial adviser about your personal pension position.

Is a reverse mortgage safe?

Reverse mortgages are regulated in Australia and include important protections such as the No Negative Equity Guarantee. However, they are still a loan and should be carefully considered before proceeding.

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Speak With a Reverse Mortgage Broker

Before you sell the home you love, it may be worth finding out whether there is another way.

Seniors First has been helping older Australians understand reverse mortgages for over 20 years.

Our role is to explain your options clearly, compare suitable lenders, and help you decide whether a reverse mortgage may be appropriate for your situation.

There is no pressure to proceed. Just clear information, practical guidance, and support from people who understand later-life lending.

Book a Free Consultation

Speak with a Seniors First Reverse Mortgage specialist today and find out whether you could access home equity without selling your home.

call now

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Industry Awards & Recognition

Senior's First has developed a reputation as an award-winning Reverse Mortgage broker, and a trusted name among public policy organisations, the aged care industry, senior’s groups, older borrowers and their families.