Reverse Mortgage Loan Broker Australia

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1300 745 745

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Rated 4.9 stars on

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Retain Home Ownership

5,000+ Happy Customers

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Australia’s #1 Reverse Mortgage loan broker

Since launching in 2006, Seniors First has helped thousands of people over 55 release home equity for cash.

And it's no wonder, because there are good reasons why it’s better to use a broker when applying for a Reverse Mortgage loan:

Day-to-day living expenses
Home renovations
Medical or aged care expenses
Debt consolidation
Travel and leisure
Financial assistance for family
Supplementing retirement income

By using Seniors First, you also gain access to multiple lenders and expert advice to make the best financial decisions.

Rated 4.9 stars on

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

Deborah Collett

Ramsay S.

1 day 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.

3 days 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.

3 days 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.

5 days 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.

5 days ago

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

Richard H.

1 week 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

Mark W.

2 weeks ago

Palka Kumar from Seniors First was excellent at guiding me through my Reverse Mortgage process.

Lorette S.

2 weeks ago

I cannot speak highly enough of my experience with Cheryl Maclean her patience and guidance from my tentative inquiries to a result I am more than happy with. There was never a question I had that Cheryl couldn't answer confidently which in turn helped me make I believe the right decisions going forward. Thank you Cheryl

Sue H.

2 weeks ago

Cheryl has been an absolute godsend since day one. Nothing was too difficult. Always there to answer any questions or to give advice through this whole journey. I would recommend Cheryl to anyone contemplating a reverse mortgage Many thanks Sue

Jenni A.

2 weeks ago

Our consultant Cheryl Maclean was at all times very professional. She answered all our questions and took us through the process smoothly and we felt very confident. We highly recommend her services.

Dorothy M.

2 weeks ago

I can not speak more highly about the way I was looked after and by Senior first / Reverse mortgage Broker I would and will recommend them to anyone else who needs help . Your's Faithfully Dorothy Mattsson .Thank you once again for their help.

Kathleen H.

3 weeks ago

My husband and I had a wonderful experience with Seniors First for our reverse mortgage especially the great help with our stock broker Cheryl Maclean from Seniors First she could not do enough for us in helping us get the best reverse mortgage loan for us in Inviva and making sure we understood the whole process Much appreciated Cheryl thank you 😊

lorraine G.

1 month ago

.My first phone call to Seniors First was the wisest move in gaining financial security and confidence in my senior years. Due to the expertise and sound advice of my broker, Adam Oakley, the process was fast and efficient. His excellent communication skills and knowledge make me wish I had acted sooner. He was so patient and supportive throughout the process, especially when I was navigating the digital technology of my application. Thank you Adam

sandra T.

2 months ago

My reverse mortgage has just been settled and I am very grateful to my broker Richard Chapman for all his help and advice. Richard guided me through the process providing all information in a timely manner and was always available to clarify any questions which arose. His professional approach together with his warm and engaging manner made working with Richard a positive experience from start to finish. My heartfelt thanks to Seniors First and Richard for their valuable service.

Denise C.

3 months ago

My experience with my broker, Angela Giokaris, was excellent; she kept me fully informed about the process (providing clear instructions and a numbered checklist of the timeline) and the expected duration of the entire process, which in my case was 6 weeks. There was an issue with my own mortgagee which threatened to delay the settlement but in the end it was completed in time to suit my own needs. Throughout this relationship, Angela was always available and encouraging. We communicated and worked well together so I would recommend Angela to anyone seeking to engage Seniors First to provide a Reverse Mortgage.

Eric B.

3 months ago

I recently had dealings with Adam Oakley from Seniors First & cannot recommend him highly enough. From start to finish he was a total professional. All my enquiries were promptly answered & he made the process very smooth & uncomplicated 5 stars all the way!

Judy H.

3 months ago

We have had an excellent experience with Seniors First. Cheryl McLean helped us from our first phone call through to finalization. She explained the process in detail, she was efficient and friendly, and always answered our queries quickly. Highly recommend Cheryl

roland L.

3 months ago

I must say that five stars does not seem enough to value the service we received from Palka Kumar of Seniors First. What a painless process she made of securing a reverse mortgage for us. We had been a little worried about the details involved in the process, but Palka took all the stress out of it. She was quick to respond to queries and anxious concerns and was always available. What is more she was so personable and friendly that we felt we had known her for ages. We could not possibly have achieved the positive result we have attained without her knowledgeable and insightful assistance. In short she was just marvellous and we highly recommend her expertise and her enthusiastic service from Seniors First. Roland and Shirley Lindenmayer Tamborine Mountain, Queensland.

Ann R.

4 months ago

I had been considering a reverse mortgage for some time and had read information from various companies about how it worked. After about five months, I decided to explore it more seriously and attended an online presentation by Seniors First, which clearly explained the process and who it might suit. I chose Seniors First because they focus on everyday seniors, and I felt more comfortable reaching out to them. I am very glad I made contact and was introduced to Angela. From our first phone call, she explained the ins and outs of reverse mortgages in a clear and reassuring way. She made sure I felt comfortable with everything we discussed before moving on to the next steps. Once I confirmed that I wanted to proceed, Angela arranged for all the information to be emailed to me and then followed up to make sure I understood everything. At times, the process felt complicated and stressful, and I called her several times to check that everything was correct. Her friendly manner, patience, and ability to answer questions clearly made the experience much easier and helped ensure all the paperwork was ready for processing. Angela was professional, knowledgeable, and extremely helpful. I particularly appreciated the breakdown she provided of the different banks’ interest rates and turnaround times. Once I decided which lender to go with, she shared examples of how easy they were to work with—and she was absolutely right. An Inviva representative also contacted me to explain how the reverse mortgage worked and to ensure that I fully understood everything before moving forward. After that call, settlement was scheduled for two days later. Although one party was not ready and this could have delayed the process by a week or more, Angela worked closely with the solicitors and helped make sure the loan still settled within the original two-day timeframe. The loan did settle, and I now know I made the right decision. I feel as though I can breathe again, knowing I have funds available if anything happens in the future. Thank you, Angela. Speaking with you felt like speaking with an old friend, and I truly appreciated your support.

Robert K.

5 months ago

Seema was extremely helpful and explain the process with us every step of the way. Anyone thinking of a Reverse Mortgage to use Seema from Seniors First would find it advantageous to do.

Paul V.

5 months ago

Thank you Seema

What is a Reverse
Mortgage?

Reverse Mortgages are loans for pensioners and retirees designed specifically for older borrowers who are typical ‘asset rich’ but ‘cash poor’.

Known variously as ‘senior’s loans’, ‘reverse home loans’, and ‘senior’s finance’, Reverse Mortgages are the most popular form of home equity release in Australia.

Reverse Mortgages allow people from the age of 55 to convert the equity in their property into cash for any worthwhile purpose. No income is required to qualify. Although interest is charged like any loan, the borrower is not required to make repayments (although they can usually make voluntary payments if they wish).

What are the benefits of a Reverse Mortgage

Cash for Retirement

You can use the money for almost anything that will help you enjoy your golden years.

No Need to Move Out

Stay in your home for as long as you want.

Retain Ownership

Any potential increase in property value will still be in your name.

No Repayments Required

You may choose to pay the loan from the future sale of your home.

No Negative Equity Guarantee*

You and your home are protected subject to T&Cs.

Flexible Drawdown Options

You can access the loan as a lump sum, cash reserve, or regular income.

Why Choose Us?

Australia's leading Reverse Mortgage broker.
Access to multiple lenders for a better deal.
18 years experience helping seniors release home equity safely.
Expert guidance to minimise interest & save money.

Others Lenders & Brokers

General services, not Reverse Mortgage-focused.
Limited product options.
Basic or poor knowledge of senior’s equity release.
Lender with higher interest rate or ineligible credit policy.

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The draw down options

Seniors First offers flexible drawdown options depending on your preferences and needs.

Lump Sum Payment

Our lenders can pay you a lump sum money at the start of your loan. Policies between lenders vary, but some have a minimum drawdown for this option is of $10,000, unless you are planning to use the money for in-home aged care.

This option is ideal for debt consolidation, home renovation, new car purchase, or even a holiday.

On top of the lump sum, you can receive the proceeds as needed through the other available options.

Regular 'Income'

Receiving regular advances is ideal if you are planning to draw on your loan gradually, to supplement your retirement income. It's great if you need help covering living expenses.

This option will allow you to set a regular drawdown payment (monthly, quarterly, or yearly) for up to 10 years.

The regular amount you receive feels like 'income' but it is actually a small portion of your home equity. You can set the amount you receive from hundreds, to thousands of dollars each month. The limit is determined by the value of your home, your age and the term schedule.

Cash Reserve

You can unlock your home equity to set up a cash reserve that you can easily access anytime you want.

The good thing about this option is that you will only pay interest on the drawn amount.

Depending on the lender, there may be no minimum drawdown amount on a cash reserve facility. Some lenders even allow you to access this money directly by debit card at ATM's.

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Frequently asked questions

How much can I borrow?

The amount of money you can borrow from a Reverse Mortgage loan depends on the property value and age.

Once the current market value of your property has been estimated by an independent valuer (appointed by the lender), a maximum percentage called the loan-to-value ratio (LVR) is applied to that value based on the applicant's age.

These ratios are very conservative by conventional standards, and this acts as an inbuilt protective mechanism for both the lender and the borrower.

The older you are, the higher the amount you can borrow. Some lenders will increase the Loan Value Ratio by 1% with each year lived. If you are a couple, the maximum amount you can borrow is usually based on the age of the youngest borrower.

For example, Bob is 71 and his wife Jane is 68, and both are receiving the full government pension. They've decided they want to buy a new car and take a holiday.

If possible, they also want an ongoing, additional income that won't reduce their pension.

Although they bought their home 30 years ago for $60,000, it is now worth $500,000. Based on Jane's age of 68, they can access a maximum of 18% of its current value, which means they can borrow a total of $90,000.

How much will it cost?

Allow about $1,500 – $2,000 in total to establish your Reverse Mortgage loan.

This amount includes the main costs such as the lender application fee, government charges, legal advice fees, and any broker fees.

This is an estimate only; you could pay more depending on the circumstances. If you are low on cash, you can usually pay these Reverse Mortgage costs from the loan proceeds.

What is a credit line growth feature?

Reverse Mortgage lenders now offer a ‘line of credit’ option.

This is a very positive development that empowers the borrower with complete control over when they take the funds and how much.

You can have all the funds available all of the time, but you attract ZERO interest until you need to use it, and then only on the money you draw. This is great for emergencies and unexpected costs.

What happens to my home when I pass away?

The Reverse Mortgage loan is due for payment when you pass away. If your estate or heirs cannot pay the loan, the lender may put the property on sale.

Interestingly, all Reverse Mortgage lenders are now required by law to provide a guarantee that should the debt grow to such level over time that it exceeds the value of the security property realised at the sale. Neither the borrower nor beneficiaries of the estate can be pursued for this shortfall after the sale has been concluded (as long as the borrower is not in default of the loan contract).

Put simply, if the sale of the security property is not enough to cover the debt, the lender wears the loss.

In addition, the lender cannot force the borrower from the property if they think the debt may have grown to a level where a shortfall may occur.

What are the alternatives to Reverse Mortgage?

If you wish to access the equity in your home, the main alternative to Reverse Mortgage is still to sell and downsize your home. However, such a transaction will necessarily incur substantial transfer costs such as stamp duty and agent fees, and you may be required to move away from your neighbourhood into a cheaper suburb.

Other product alternatives to Reverse Mortgages are emerging increasingly.One alternative is the ‘home reversion schemes’ where you can sell a share of your home in return for cash. This may allow you to stay in your home without selling or accumulating debt.Home reversion schemes in Australia are not yet widely available. To enquire about home reversion schemes and other alternatives to reverse mortgages, complete this form.

Will a Reverse Mortgage affect my Centrelink pension?

It is possible in many cases to structure your Reverse Mortgage or equity release plan so that it does not reduce the amount of pension income you currently receive. However, the outcome will depend on your individual circumstances and Seniors First is not permitted to advise you in this regard. ALL borrowers in receipt of government pension are directed to speak with a Financial Information Services officer at a Centrelink office before applying.

Will I be able to leave equity for my children?

Some lenders offer an option called ‘Protected Equity’, which guarantees that a requested proportion of equity is preserved for beneficiaries (it also means you can’t borrow as much). If you choose a loan without protected equity, then the amount of equity you will leave will be determined by the following factors:

The term of the loan/how long you live
Interest rate movements
Growth rates in the value of your property

Although the interest will accumulate and compound, based on the past trends, your property should also increase in value over time, offsetting the increasing loan balance.

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.