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.

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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.

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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.

Beth M.

4 days ago

We recently used Seniors First to organise a Reverse Mortgage. Our agent was Cheryl Maclean who guided us through the whole process with absolute professionalism with the 'human touch' first & foremost. We would recommend both Seniors First & Cheryl Maclean if you are thinking of a Reverse Mortgage as it's a big decision to make & one that suited our circumstances.

Desley

7 days ago

Palka from Seniors First was extremely helpful and supportive through the entire process. She was helpful and able to explain any questions I had and supported me through the whole process. I would definitely recommend her services.

Peta R.

1 week ago

I was extremely pleased with all the help i received from Adam at Seniors First. He was patient and understanding with my questions. I would recommend him to my friends should they need to go down this path.

Mike “Magyarmeister.” R.

1 week ago

My experience with Seniors First has been exceptional. My dealings with my personal broker Palka Kumar have been and are excellent. Palka has been a wonderful person to deal with and has been extremely helpful in all aspects of the process. Thank you.

Sue T.

2 weeks ago

I am been blown away with all aspects of the experience with your company and the lovely and helpful staff

victor D.

2 weeks ago

Seema provided timely and useful consulting support throughout the setup process. She was a pleasure to work with.

Stephen B.

2 weeks ago

We would like to thank Cheryl for all her help and her excellent way of looking after every detail of the process. From start to the finish of the application she was amazing. Cannot thank her enough.

Judith T.

2 weeks ago

I would highly recommend Seniors First to anyone who is uncertain where to start in the reverse mortgage process. Their website is excellent. Adam Oakley made the application process so clear and precise. He was very knowledgeable and ever so patient in answering all my questions and explaining all the various options available. Thank you Adam for creating such a positive experience. My family and I are very happy with the outcome. Much appreciated…Judy

evelyn G.

3 weeks ago

From start to finish going through the whole process of the loan I found Cheryl Maclean has helped me greatly with every aspect of it she has always been accessible when ever I had a question that I was not sure of and it didn't matter what time it was so I would highly recommend Cheryl from Seniors First the place to go if you are thinking of a Reverse Mortgage Broker

Glenn R.

3 weeks ago

Andrew has been outstanding. He has assisted us in a professional manner and was always across our needs. We are very impressed and would recommend him to anyone seeking a capable broker.

Dana H.

3 weeks ago

Palka Kumar has made the process of applying for a reverse mortgage very easy. She has been extremely helpful, patient and was available at all times to explaining the whole process to us. I highly recommend Palka to anyone who is interested in applying for a reverse mortgage.

Lisa H.

3 weeks ago

Greg was excellent and guided me through the process which can be long and complex

paul B.

3 weeks ago

Having selected Seniors First as our broker, Seema took on our case and we are glad she did, Guiding us through the process, with person to person communication together with the Serah portal. Tks Seema.

Stephen L.

4 weeks ago

Palka Kumar brokered with us for the best options to take out a Reverse mortgage loan. We found her to be fully conversed with the process and able to answer every question we had about concerns. Always very pleasant and helpful, taking the stress out of what is a very big decision to make. Thank you Palka for your assistance and we would recommend you to anyone wanting to talk on this subject and financing in general.

Ian B.

4 weeks ago

At age 86 I was surprised to find that the bank I relied on for eighty years no longer provided reverse mortgages. Although very wary of the web I searched and found Seniors First which appeared well respected. My journey through the application process and the complications presented by an existing Government HEAS loan has been guided every step of the way to completion by their R. M. Specialist Cheryl Maclean. Thank you Cheryl and Seniors First – 100%.

Ramsay S.

4 weeks ago

Professional, caring, and very pleasant indeed! I don’t think there are many people out there who work with such dedication, and this is my second reverse mortgage signed successfully with Palka.

Mario B.

1 month ago

from the time we started to the time everything was done,Cheryl Maclean has been so helpful to us she has been there for us anytime we needed her.She is a huge credit to the company and it has been a pleasure knowing her .

Dina B.

1 month ago

Our experience with Cheryl has been nothing but amazing. She has helped along this process with much thought and dedication, she has been so patient and supportive throughout the whole experience. We definitely recommend Cheryl. Even when things were getting a bit complicated for us she was always patient. So many phone calls that we made to her she never made us feel like we were a nuisance. A very high praise to her. I’m sure as she went home at night she will feel she’s doing a great days work, for us and anyone else she’s helping. Thank you so much Cheryl for your help at this time of this experience we went through together. We are very grateful that you have been there for us. A very special thanks from Mario and Dina.

Peter W.

1 month ago

Thanks Angela Giokaris at Seniors First. Your help and guidance made it much easier to successfully apply for a Reverse Mortgage Loan.

Patricia A.

1 month ago

Thank you for all your help... Very good too deal with

Richard H.

1 month ago

Angela Giokaris was our Reverse Mortgage Consultant at Seniors First to assist my wife and I to obtain a Reverse Mortgage. Angela's service was exceptional. She provided comprehensive information in a very user-friendly format and was always available to answer questions and provide clarifications. Angela secured an excellent interest rate following a competitive tender of available providers of Reverse Mortgages. My wife and I are very happy with the outcome and recommend Seniors First, and particularly Angela Giokaris, to other people interested in this product. Richard Hughes

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.

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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.