Debt consolidation

Refinance home loan or credit card debt

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Use a Reverse Mortgage to pay out debt & 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.

Over 55's Debt Consolidation Case Studies

Heidi

Income: Disability Pension
Marital status: Divorced
Property Value: $1,300,000
Home Loan debt: $125,000
Consumer Debt: $10,000 (Credit Card, Zip Pay, Afterpay)

Heidi, 64 years old

Background

Like so many other women of her age, a divorce had left Heidi somewhat financially vulnerable. She had approached her current mortgage lender to let them know that she could no longer afford repayments.

They agreed to pause her loan repayments for a period of 3 months, to give her time to organise a refinance.

Borrowers’ Concern

Heidi knew she could not afford to resume repayments and would be forced to sell the home in order to pay out the home loan if she could not organise a solution.

She did not want to sell and relocate due to downsizing costs. She was also happy and settled in her community and did not want to leave. She was also worried that her disability pension would not cover all her lifestyle costs, going forward.

Loan Purpose & Structure

Total Reverse Mortgage loan facility of $247,000, comprising:

a lump sum of $141,000 to refinance all home loan and consumer debts
an additional ‘cash reserve’ of $106,000 (available, but undrawn funds) for future use

Outcome

Heidi was able to stay in her cherished home for the long term. Seniors First refinanced her home loan and consumer debts, alleviating the financial pressure of monthly repayments. With the cash reserve she was able to supplement her income for the next 8-10 years, and fund other projects she wanted to do such as minor home renovations, a new car, and dental work.

The Reverse Mortgage loan solved her immediate financial problems, but also improved her quality of life by reducing the stress and worry she was experiencing .

Joan

Income: Age Pension
Marital status: Recently widowed
Property Value: $1,100,000
Home Loan debt: $300,000
Consumer Debts: Car Loan ($26,000), Credit Card ($7,000) and Rates in Arrears ($500)

Joan, 73 years old

Background

Joan, together with her late husband, were once at the helm of a thriving restaurant. The abrupt disruptions caused by COVID-19, however, shattered their business dreams. The grief was compounded when, a year after her husband's passing, Joan discovered a debt of $80,000 to their suppliers, which prompted a caveat on their property.

Borrower's Concern

Now solely reliant on her Age Pension, Joan faced financial encumbrances that seemed insurmountable. Seeking solutions, she approached her lender and, in a gesture of understanding, was granted a 1-year reprieve on her repayments. But parting with her home, a sanctuary of memories, was inconceivable to Joan. She was resolute in her decision to retain it for at least another 3-5 years.

Reverse Mortgage Loan Purpose & Structure

Day 1 Requirements: $355,000

Determined to regain her financial stability, Joan's goal was to refinance her home loan, car loan, and credit card, while also ensuring all outstanding dues were cleared.
Although her credit card was refinanced, she kept the facility active for unforeseen needs.
A segment of the loan was earmarked for home improvements, allowing her to invigorate her dwelling with a new coat of paint and other minor enhancements.

Cash Reserve: $0

Prioritising immediate financial alleviation, Joan chose to draw all her funds upfront.

Outcome

Post-refinancing, Joan experienced profound relief. With her financial concerns adeptly managed, she found her Age Pension adequately covered her daily living costs. Beyond the tangible benefits, this fiscal transition granted Joan immense emotional solace. She now looked ahead with fewer financial concerns, taking comfort in the walls of her cherished home.

Vince

Income: Part Age Pension & Part-Time Job
Marital status: Divorced
Property Value: $1,500,000
Home Loan debt: $290,000 (Westpac)

Vince, 68 years old

Background

Vince had been navigating a dual income source, drawing from both his Age Pension and earnings from a part-time job. This income balance was already delicate, with a significant portion of his pension funnelled into servicing his existing mortgage. When interest rates climbed, the financial strain intensified, rendering his mortgage repayments unaffordable. Vince, unfortunately, fell a few months behind, and the bank began sending ominous foreclosure warnings.

Borrower's Concern

Despite these financial adversities, Vince remained deeply attached to his home. It represented more than just bricks and mortar; it was his sanctuary, filled with memories and personal history. The looming threat of losing it added emotional weight to his already challenging financial circumstances.

Reverse Mortgage Loan Purpose & Structure

Day 1 Requirements: $290,000

Vince chose to refinance his home loan.
His goal: prevent foreclosure and establish a sustainable financial structure.

Cash Reserve: $35,000

Vince set up an additional line of credit.
Purpose: a cushion for unexpected expenses and future needs, providing a financial safety net.

Outcome

With the successful refinance, Vince averted the bank's foreclosure and streamlined his finances through debt consolidation. By making steady repayments, he curbed the compounding interest. This financial restructuring allowed Vince to work by choice, not out of necessity. The refinance not only solidified his financial position but also granted him autonomy to live on his terms.

Bob & Sandra

Income: Joint Age Pension
Marital status: Married
Property Value: $900,000
Home Loan debt: $85,000

Bob & Sandra, 69 and 72 years old

Background

Bob and Sandra, a resilient couple in their golden years, had relied on their joint Age Pension for sustenance. Just a year prior, they had confidently managed their finances, servicing their debt through their pension and occasionally dipping into their savings.

Borrowers’ Concern

The changing financial climates introduced unforeseen challenges. The combination of rising interest rates and an escalating cost of living began to eat away at their savings at an alarming rate. What was once a financial cushion started to feel like a fast-depleting resource.

Reverse Mortgage Loan Purpose & Structure

Day 1 Requirements: $110,000

The couple aimed to refinance their home loan.
They also wanted to replace their 15-year-old car for dependable transportation.

Cash Reserve: $90,000

Bob and Sandra set up an extra line of credit.
Purpose: supplement their Age Pension and provide a continuous income source for the coming years.

Outcome

Thanks to the refinancing, Bob and Sandra found themselves on steadier financial ground. The refinance not only addressed their immediate financial concerns but also set them up with a sustainable plan for the foreseeable future. With a newer car, their mobility was ensured, and the supplementary line of credit acted as a much-needed safety net against any potential financial shortfalls. The strategic financial restructuring granted the couple peace of mind, allowing them to enjoy their retirement years with reduced financial anxieties.

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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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Rated 4.9 stars on

“Sincere thanks to Andrew and Seniors First .. the loan has been life changing.”

Deborah Collett

barry T.

22:45 24 Feb 26

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.

Helena Van D.

02:08 20 Feb 26

I have engaged with Palka from Seniors First for my second Reverse Mortgage application (I have refinanced for an increased amount).
Palka has been wonderful to work with to make the application process smooth and streamlined going out of her way to make herself available to me at any hour of the day. I highly recommend Seniors First and Palka for any financial service.

Sue S.

03:20 17 Feb 26

Angela was incredibly helpful and supportive in all facets of arranging my reverse mortgage. Her knowledge and abilility to share information at an understandable and concise level was brilliant. Angela made the whole process easy and pain free! Her ongoing support and understanding of an emotionally difficult situation was much appreciated.

Bobby Y.

08:57 16 Feb 26

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

Gina J.

06:58 02 Feb 26

Seema was very professional explaining everything thoroughly and she kept in contact with us throughout the whole process of our Reverse Mortgage. We would definitely recommend her. Thank you for making it happen for us Seema we are now able to do our renovations
Jason & Gina

Ian C.

00:56 02 Feb 26

I have just recently re-negotiated my mortgage with Seniors First. The whole process was made all the easier with Adam Oakley's assistance… always just a phone call away- if not an immediate answer he always called back. A great help - awesome service from Adam - thank you.

Peter de D.

06:16 30 Jan 26

Angela was incredibly helpful and meticulous, always ensuring that we fully understood the implications of our decisions. She was always available whenever we needed clarification, consistently attentive and caring throughout the process. In addition, her reassuring voice gave us confidence and peace of mind.

John J.

23:14 27 Jan 26

I was extremely impressed with Palka. She went above and beyond in providing excellent service. She even answered questions after hours and was always very helpful, getting our mortgage through in the shortest time frame possible. Well done Palka. !

Alan S.

21:48 20 Jan 26

I recently used the services of Seniors First to help me navigate the complex side of reverse mortgage. I found Seniors First to be very knowledgeable and were able to provide me with all the information I needed to make an informed decision. They allowed me the time to considered my options, and there was no pressure to make a decision until I was ready. Pulka provided excellent service. I would highly recommend these guys if you are considering a reverse mortgage.

trevor G.

00:47 20 Jan 26

After reading a lot of online information regarding a reverse mortgage we contacted Seniors First. Richard Chapman was in touch shortly after. He came to our house and spent a couple of hours explaining the process in detail and answered any questions we had. Richard was excellent from start to finish and we always felt comfortable going through the process with him.
Highly recommend this broker.

Josie S.

02:02 09 Jan 26

Seniors First provided plenty of information on the concept of reverse mortgages, also referring us to the government website, for calculators showing scenarios of how the loan and house value would progress. Richard Chapman answered all our quesions in a clear, easily-understandable way and guided us through the process, to ensure that we and our children fully understood how reverse mortgages operate. With Richard's experience we were able to find a lender that suited the kind of loan we would need. We could see that the reverse mortgage would allow us to remain in our own home, and have funds available if needed later for aged care, without selling our home of 25 years and moving away. All in all, a very satisfactory experience with Richard and Seniors First.
Gavin and Josie Swallow

mark T.

01:31 30 Dec 25

I am very happy to recommend Seniors First Reverse Mortgage Brokers, especially Palka as she has been very polite and efficient in all aspects of this process. Always ready to explain thoroughly any questions or doubts I may have had and always with a friendly /no trouble response. Cannot recommend these folk enough,

Cheryl M.

01:38 27 Dec 25

Negotiating a Reverse Mortgage with Adam Oakley was considerably easier than we expected.
Adam was quick to allay our hesitance in dealing with an interstate broker and subsequent technological challenges including biometric ID.
Adam provided sound advice on the product best suited to our circumstances and maintained regular contact with us ensuring we were comfortable with the process and updating us on the progress of our application.
We researched reverse mortgages before committing and were impressed with Seniors Firsts webinars, FAQs and online information.
We look forward to maintaining contact with Seniors First and Adam in forthcoming years in reviewing our loan to ensure that it meets our future requirements.

Ian Y.

02:16 25 Dec 25

I did quite a bit of research on reverse mortgages and also watched at least 6 webinars on line before contacting Seniors First. I was put in touch with one of their brokers (Palka Kumar). She was very professional and knowledgeable about the whole process of setting up the reverse mortgage. I live in Tasmania but this was not a problem and in a matter of weeks everything was approved - I had the ideal criteria for this product and my wife and I are extremely pleased with the entire way the business was conducted. Seniors First know what they are doing and we thank you for all your assistance.

Marg B.

04:51 17 Dec 25

My husband and i have recently used Seniors First for securing a loan for the purchase of a new car. We were lucky to be assisted by Palka who has been wonderful since we first made contact wirh Seniors First. Palka has been incredibly helpful, has explained very clearly what we need to do, and has "held my hand" on several occoasions. Grateful thanks to Palka for her dedication to her clients.

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.