A Reverse Mortgage allows you to access the equity in your home to enjoy a more comfortable retirement. This can help you pay for a new car, medical expenses, travel or any other worthwhile purpose.
There are no regular repayments required on a Reverse Mortgage home loan, however you can make voluntary repayments at any time. It's important to note that interest will still be charged on your Reverse Mortgage loan, so your debt will increase if you don't make any repayments.
The loan only needs to be paid out when the borrower sells their home, moves into an aged care home, or passes away.