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.
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.
Why be creative with your Reverse Mortgage? Everyone has the desire to save money. Being creative enables you to save thousands of dollars over a period of years in Interest. To be creative in the first instance you may be able to budget to decide how much additional money you could comfortably use each month and set up a monthly Income Stream. By having a monthly Income Stream you are only accuring interest at the time your monthly payment is paid into your personal account.
To go one step further you may elect to exercise more control over your funds by using it as a Line of Credit (Flexible Drawdown Facility)whereby you chose exactly when you would like the money to be deposited into your account, eliminating accruing interest until this actually happens.
Reverse Mortgage or as it is sometimes known as Equity Release is a tool for Seniors (over 60) and in some cases over 55 to access finance from the equity held in their home. Reverse Mortgage can make life more carefree for seniors in several ways, including, paying out an existing Mortgage, Consolidating Debt, Provide funding for the Lifetime dream holiday, purchase the much needed new car or simply provide additional funds for everyday living.
