A Range of Choices

Most people who contact us are not aware of the range of Reverse Mortgage loans that are available.

Many of our clients ‘find’ us after having the application ‘declined’ by one of the high profile lenders.

The reasons their loans are declined vary, but are often related to the type or size of their property, the location of their property, or the lender disagreeing with the purpose they want the loan for.

We deal with a number of lenders, some of who do not have restrictions based on location and/or the size of type of property HOWEVER the security property MUST be a residential property.

Other factors that people come to us for are –

Price. Most lenders have ‘establishment fees’ around $500.00 HOWEVER one high profile lender charges an establishment fee of 1.5% of the loan amount. (Ie. $1,500.00 for a $100,000 loan).

Peter will provide you with cost comparisons between lenders who offer a suitable loan

Interest rate – Current interest rates vary by as much as 0.71%.

Peter will provide you with interest rate comparisons between lenders who offer you a suitable loan.

Features of Loans – Not all loans have the same features.

Some lenders will allow you to keep funds in reserve via a ‘line of credit’ facility whilst others either do not offer this option or only offer it on an annual review basis.

Some lenders will allow you to access funds via regular fortnightly or monthly instalments, whilst other lenders do not offer this facility.

Peter will discuss these various options with you and build your loan with the options YOU need.