Reverse Mortgages helps the growing senior population live better lives with its reverse mortgage loan. A customer can borrow money based upon their age, value of their house and current interest rates. In simple terms, at Reverse Mortgages the older the customer and the more valuable home, the more money they can access. This Reverse Mortgages is offered by Mortgage HQ.
The loan available at Reverse Mortgages varies from lender to lender. The minimum age is around 60 years to qualify for a Reverse Mortgage loan. Customers can access around 10 per cent to 15 per cent of the value of their property. As the customer gets older this amount increases to around 45 per cent of the value of their property.
Customers can repay the loan when either the house is sold or when customers have moved out or even when they are passed away. Customers can live in their house as long as they wish. In case when the property is sold, then the loan is paid out. Reverse Mortgages advices and suggest its customers to consult professional advice from a solicitor or financial planner before taking this option.