Annual Reverse Mortgage Loan Reviews: Your Home Equity Check-Up

Seniors First is committed to ongoing service for our valued customers. As part of our focus on customer satisfaction and financial wellness, we offer annual loan reviews to ensure that your Reverse Mortgage continues to meet evolving needs.

What is Seniors First’s Annual Loan Review?

A loan review is an in-depth examination of your current loan setup. It entails assessing important aspects like your interest rate, repayment terms, features and other components of your loan. The primary objective is to ascertain whether your loan continues to align with your financial circumstances and goals.

Much like regular health check-ups, a loan review is a preventive measure designed to detect potential issues and to ensure everything is still in order. As your later life evolves, your financial circumstances might change - you may experience variations in expenditure, or shifts in your living arrangements, such as a move into aged care. A loan review can identify areas where the loan structure or product can be adjusted to better fit your current reality.

What to Expect During an Annual Loan Review?

During our annual loan review, we focus our attention on several key aspects to ensure that your loan continues to be a suitable option for your financial circumstances. Here's what we typically investigate:

  • Interest Rate Updates: Has there been any alteration in your interest rate by the lender? We'll look into this and review how competitive your current rate is, compared to others on our panel. 
  • Property valuation: if you are unsure of your home value, we’ll establish an approximate property value using industry data sources. We’ll then estimate your current available home equity.
  • Changes in Circumstances: Have there been alterations in your situation, needs, or requirements? Whether it's an income change, new expenses, or shifts in family or living arrangements, we will assess your current loan in the context of these changes.
  • Future Plans: We also factor in any upcoming later life events or plans, such as downsizing, extended travel, renovations, or aged care. Knowing your future plans helps us ensure your loan remains conducive to your evolving life story.
  • Effective Loan Utilisation: are you managing any cash reserve loan funds prudently? We’ll explore if you continue to have enough loan funds to cover retirement living.
  • Financial Difficulties: If you are facing financial hardship, we will consider this in our review and explore options to ease your burden.

Our annual loan review process is designed to be a thorough check that your loan is continuing to serve your needs..

Is a Reverse Mortgage Loan Review for You?

Annual loan reviews are not mandatory. We provide them as service for existing clients on an ‘opt in’ basis. If you're content with your current loan arrangement and your financial situation has remained relatively stable, a loan review may not be necessary. If so, then you might wish to decline the loan review.

If however you've encountered significant changes in your financial situation since you first procured your loan (or since the last review), then annual loan review could be highly beneficial. Such changes could be in the form of income fluctuations, increase in expenses, or changes in your family arrangements.

Initial Loan Review in 30 Mins or Less

At Seniors First, we respect your time. Therefore, we've streamlined our loan review process to be efficient and straightforward. Initially, we require just 30 minutes of your time to review your current Reverse Mortgage loan arrangement and financial circumstances.

(If the need for a refinance is identified, a further full loan interview will be required)

Ready for a Loan Review?

If you have received an email from us inviting you to an annual loan review, all you need to do is accept or decline it. If you accept, we will then schedule a call with a member of our team.

Content with your current loan? If your circumstances haven't changed significantly and you're satisfied with your current loan, there's no need for action. We're always here to help if your needs change in the future.

Unsure, but wish to discuss?

Feel free to call us!

Our dedicated team is here to assist you and answer any questions you might have.