How Does a Reverse Mortgage Work?
A reverse mortgage can help you to access the savings built up in your home over time – your home equity – to live the retirement lifestyle you deserve.
Reverse mortgages are the most popular form of equity release for retirees. You can draw on your home equity to improve your retirement income. You don’t need to make regular repayments and can continue to enjoy living and owning your home.
As with a standard home loan, a reverse mortgage is secured by registering a first mortgage over your property.
The primary difference between the two is that you don’t have to make regular repayments with a reverse mortgage. As a result, the monthly interest compounds over time and increases the balance of your
loan, unless you choose to make monthly interest payments.
At the same time, you remain the owner of your home and reap the full benefit of growth in your home’s value.
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Reverse Mortgage Guide Content
This guide answers important questions about reverse mortgages:
Who should download the guide?
If you want a long and comfortable retirement living in your own home, this guide is for you. It’s particularly valuable if:
- You're aged 60 plus
- You have equity savings in your home
- Your savings can't fund over 20 years of retirement.
Calculate Your Home Equity
Learn how accessing your home equity could help you consolidate debts or increase your income.