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 You can usually borrow between 10%-45% of the value of the property. You are not required to make any repayments as long as you live in the home.
All interest and fees are 'rolled' into the loan balance. You can use the money for any purpose. |
This type of mortgage is relatively new to the Australian market but has been in use in America and Europe for some time. In retirement many people find that the pension or investments they rely on for income are not covering the ever-increasing cost of living. Instead of selling the family home you can now tap into the equity without having to move.
Should you have any further questions please click here to email us. |
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