Reverse Mortgage line of credit for seniors
Maintain your quality of life with a cash reserve
Are you over the age of 60 and overwhelmed with general living expenses such as grocery and utility bills? Or you would like some additional cash to treat the grandkids or to retire more comfortably?
You are not alone. Many seniors working before superannuation was made compulsory in 1992 are more financially vulnerable holding fewer assets and more reliant on the Aged Pension. We understand that you may also have limited income however the good news is that Seniors First may have the solution for you. Enjoy a stress-free retirement and improve your standard of living by unlocking your home equity with a Reverse Mortgage Line of Credit (also known as a 'cash reserve') .
Alternatively, if you already have a Reverse Mortgage Line of Credit with another lender and you are seeking a lower interest rate, Seniors First can help you refinance. A Reverse Mortgage Line of Credit refinance to a cheaper rate may help preserve more home equity for spouses, children or other beneficiaries.
Benefits of using a Reverse Mortgage line of credit
A Reverse Mortgage Line of Credit can accompany your current income to relieve the stress of meeting day to day living expenses. Not only does this cover general grocery and utility bills but additional funds can help you prepare for unexpected costs such as home maintenance, car servicing or even medical costs. In addition, by releasing the equity of your home, you will not have to go through the emotional burdens of having to move or sell. As you remain the full legal owner of your home, you will benefit from any increases in its value.
With a Reverse Mortgage Line of Credit, as the borrower, you will have complete control over when you take out the funds, and how much you receive. Other options include a lump sum or regular payments which are also designed to supplement your existing source of income.
Utilising credit cards or personal loans are often more costly for seniors when compared to a Reverse Mortgage. With a Reverse Mortgage Line of Credit, all your funds are available all of the time, but you attract zero interest until you need to use it. The accrued interest is ‘capitalised’ and charged back to the loan account each month.