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| A Reverse in Fortune |
| Cash-strapped older home owners can now borrow funds that do not have to be repaid until they die. |
A reverse mortgage loan that allows people to borrow against their home but not make any repayments is now available.
The loan is repaid using funds from the person?s estate when they die.
The loan is aimed at people who own their own home but have little cash to live on.
It means they can get access to cash without having to sell their home. They might want to use the money for an extended holiday, new car, caravan or even to do some renovations.
People aged between 65 and 69 can borrow $10,000 to $80,000, or 15 per cent of the value of the property being used as security.
People over 70 can borrow $10,000 to $100,000 or 20 per cent their property?s value, whichever is lower.
No repayments are required during the loan term. The interest, fees and charges are taken out of the estate on the borrower?s death.
The interest will compound (ie the loan will keep growing unless payments are made) at a rate about half percent higher than a typical home loan.
9th-June-2003 |
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