EXCLUSIVE OFFER – Lowest interest rate with Nil Application fee for a limited time. This is an exclusive offer that only Reverse Mortgage Finance Solutions advisers can provide. Please call 1800 001 020.
EXCLUSIVE OFFER – Lowest interest rate with Nil Application fee for a limited time. This is an exclusive offer that only Reverse Mortgage Finance Solutions advisers can provide. Please call 1800 001 020.
How long does it take for a reverse mortgage to go through.
The property I saw an interesting to buy in s weeks time it’s just close to everything fir I vestment wise.
Hello Mahalachmi,
A reverse Mortgage takes several weeks (usually a month to six weeks) to process. You must see a solicitor which also adds a little time. Also remember that the Loan to valuation ratios are very strictly regulated. It is best to purchase a property with a “finance clause” to make sure the reverse mortgage can be done on the property for the amount you require.
I want some information about what banks etc offer reverse mortgage loans.
Hello Dr Barron,
There are only a few lenders in the market. This is for a host of historical reasons. New lenders are coming into the market. Please call us or fill in the contact us details so we can talk to you about the lenders that are currently in this space.
Raymond
Please send details of interest rates and regular payments required
Borrowers can make repayments on the loan if they want to with no penalty but it is not a requirement until the end of the loan.
The end of the loan is when the last borrower leaves the house permanently. This includes sale, moving in with children, moving into aged care or death. The loan must then be rapid usually within 12 months of leaving the property. The loan can be refinanced if possible or the property has to be sold. The lenders do not want to organise this and leave it to the borrowers or the beneficiaries/family.