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Check Eligibility

Debt consolidation

 Refinance Reverse Mortgage or home loan debt

Refinance Reverse Mortgages & debt consolidation loans

Are you over the age of 55 and worried about credit card, home loan or personal loan debt? Feeling stressed and anxious about paying bills and loan repayments?

You’re not alone. Reports from the ABC confirm that more older Australians are experiencing distress and a deterioration of mental health issues as a result of high levels of debt. These days, it is now much more common for people to retire without having paid off the mortgage.

If you’re over 55 years of age and own your own home, it’s possible to pay out your debts with a Reverse Mortgage loan. If you have amassed debt that you can non longer afford to service, a home senior’s home equity loan may be the answer to improve your financial situation.

Alternatively, if you already have a Reverse Mortgage with another lender and you are seeking a lower interest rate, Seniors First can help you refinance a Reverse Mortgage refinance to a cheaper rate may help preserve more home equity for spouses, children or other beneficiaries.
 

Check your eligibility

Answer a few short questions to find out if you qualify for a reverse mortgage.

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Benefits of using Reverse Mortgage for debt consolidation

Become “stress-free”

The reality is that many people continue to worry about their debt repayments throughout their retirement. The good news is that it’s possible to streamline your debts and simplify your financial obligations by refinancing with a Reverse Mortgage. Relieve your stress by accessing the equity of your house without the emotional burden of having to move or sell. You will remain the full legal owner of your home and benefit from any increases in its value.

Enjoy better cash flow

Imagine how much better your cash-flow could be without the need to pay off credit cards or loans each month? Free up your cash-flow and access additional funds which can be used for a vacation, the purchase of a new car, medical cost or even home improvements. Treat yourself or your grandkids! No regular repayments are required (although voluntary payments can be made if you wish). You may receive a lump sum, regular income payments, a cash reserve or a combination of all three.

Lower interest rates

Reverse Mortgage interest rates are typically lower than that of high-interest personal loans or credit cards. If you are an individual who is asset rich and cash poor with a limited income, consolidating your debt and refinancing with a Reverse Mortgage may substantially improve your quality of life. The accrued interest is ‘capitalised’ and charged back to the loan account each month.

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