How to apply for a Reverse Mortgage?

For many pensioners and retirees, the Reverse Mortgage finance process begins with a long period of research.

It’s not uncommon for some borrowers to gather information and think about it for 12 months or longer. Often it takes that long for people to get comfortable enough with the idea before they apply for a Reverse Mortgage. And that's OK!

To help you get ready to apply for a Reverse Mortgage, the Seniors First team have published the common paperwork requirements in this document checklist that you can use for free.

Reverse Mortgage Document Checklist

IDENTIFICATION

  • A copy of your Medicare card
  • A copy of your current Drivers License or Passport, or both if possible 3.

(Plus either a photo (head shot) of yourself holding the above photo ID, or JP-certified ID for the above 2 items)

HOME OWNERSHIP

  • Your most recent council rates notice. Whether it's an annual notice or instalment notice, the date of issue must be within the last 90 days

FINANCIAL

  • Recent Bank statements for 90 days of your everyday account - The account your receive your pension / income. See below for details*
  • The most recent statement of any credit card(s), personal loans, or any other debts being paid out or refinanced by the new Reverse Mortgage loan.
  • The most recent six months of statements for any mortgage or home loan debt being refinanced by the new Reverse Mortgage loan.

ESSENTIAL BANK ACCOUNT REQUIREMENTS*

  • The statement must have your name and account details on it (and this can't be handwritten).
  • We need consecutive days of transactions, with the last transaction no older than 30 days from when the application is to be submitted.
  • Credit card statements must show the credit limit of the card, and all transactions, all pages numbered. Please only forward scans of statements, or downloaded PDF files. We can't use screen shots or excel spread sheets.
  • If you download an online receipt showing recent transactions and the account number, but not your name, also provide an older statement to link the name to the account number 
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