A Reverse Mortgage is a loan that you obtain from a lender using the equity in your home as the security. It is the opposite of a standard home loan (aka 'Forward Mortgage') because you never make loan repayments, and the loan balance never comes down. In fact, the loan balance will increase over time. The lender does not recover their money until the end of the loan term when the property is sold; or you go into aged care facilities; or you pass away. The bank will then recover it's outstanding loan balance (interest + fees) at that time. You must be at least 55 yrs of age to get a Reverse Mortgage. You do not need to be working to get a Reverse Mortgage. Therefore, there are no minimum income requirements.
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Planwise AU Pty Ltd trading as UNO Home Loans ABN 81609882804 Australian Credit Licence Number 483595. UNO values your privacy and last updated our Privacy Policy on 29 January 2020. L17, 123 Pitt Street, Sydney NSW 2000
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