Reverse Mortgage should only be considered when the Client has no other option.  If a Client has Investments or access to other income this should be used first.  Although they will be missing out on interest, the interest they will be accruing on a Reverse Mortgage will be greater than the interest of their investments.

It is important to look at the big picture when choosing your Lender.  Take into consideration Lenders Fees, Fee Free Periods, Interest Rates, Monthly Fees(if any) and Termination Fees ( if any).  Also keep in mind, although some Lenders Fees maybe higher, look at their interest rates to determine if thay are as high as other Lenders.  Your Local Area Manager has the Tools to calculate which lender will be most appropriate for you.

While it is not necessary to discuss your intentions with your beneficaries it is always advisable to inform them of your thoughts. This is not asking their permisssion it is simply informing them of your decision. The reality is that the equity in your home is the fruits of your lifetime labours and it is yours to utilise in whatever manner you choose.

Some Postcodes with the Sydney and Melbourne Metropolitan Areas have alternative to Reverse Mortgage.  This alternative is Homesafe.  If you live within this area talk to your Seniors First Area Manager for additional information. 

Depending on the amount of the loan and how the loan money is actually utilised a Reverse Mortgage may have a significant impact on Centrelink Benefits.  At Seniors First we insist that Borrowers make an appointment to talk to their Financial Information Services Officer who is able to advise them on how to access the equity without it impacting on benefits.

Reverse Mortgages are repaid whenone of three events takes place.  The property is sold, The residents enter permanent Aged Care or the death of the last remaining partner.  However if the Borrower wishes they may make voluntary repayments at any time.

Seniors First is capable of attending to enquiries the length and breadth of Australia from Hobart to Cape York, Sydney to Perth, Darwin to Adelaide and most places in between.

A Reverse Mortgage may be utilised in any manner a Borrower may wish to use it.  At Seniors First Our Area Managers are skilled in delivering the facts about Reverse Mortgage, we do not advise or coerce Borrowers into a particular product offered by a particular Lender, nor do we suggest how Borrowers should use the funds.  How the Borrower elects to spend the funds is entirely up to themselves.  They may choose to go for a holiday Renovate the Kitchen/Bathroom, purchase a new car or spoil their grandchildren, anything is fine provided the conditions of the Loan are met ie property is maintained and Insurances are up to date.

SEQUAL - Seniors Australians Equity Release Association of Lenders.

Established in January 2005.  SEQUAL provides information to Seniors who are considering an Equity Release Option (Reverse Mortgage).  SEQUAL members have a Code of Conduct to which each member has agreed to adhere.  The Code of Conduct has ten criteria, briefly they are :

1. Treat Borrowers with  Dignity and Respect

2. Participate in an ASIC External Dispute Resolution Scheme

3. Ensure all products carry a clear No Negative Equity Guarantee

4. Strongly urge borrowers to discuss the transaction with family members and seek  financial advise

5. Strongly urge borrowers on Centrelink benefits to discuss the transaction with Centrelink

6. Ensure Borrowers obtain Independent Legal Advise

7. Clearly identify costs to Borrowers

8.Indicate to Borrowers that they are not obligated to purchsed any particular product

9. Ensure Borrowers have a c lear understanding of the product they are purchasing, interest rates and capitalisation of interest

10. Ensure all loans are written under the Uniform Consumer Credit Code.

SEQUAL - Senior Australians Equity Release Association of Lenders. Formed January 2005 to provide Information to Seniors considering Equity Release (Reverse Mortgage) Products.  Lenders adhere to a Code of Conduct.  SEQUAL is dedicated to the protection of Borrowers and the promotion of responsible Equity Release Options.