Reverse Mortgage Loans

Reverse mortgages work in the opposite way to a home loan. Instead of the loan sum diminishing because of your repayments, the loan sum increases because no repayments are required and the interest is applied to your loan. As such, your lender may end up owning a large part of your house.

But, you are allowed to remain living in it until you sell it, move out or die. Should you live with a partner or spouse, and they're joint owners of the house, the reverse mortgage would be in both names so your home would be protected as long as one of you lives there. If only one of you owns the house, however, be warned: the loan will be in just one name so it will have to be repaid when the partner who owns the house dies or moves into residential aged care and the house will have to be sold to do it.

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