Express Reverse Mortgage
The Express Reverse Mortgage is a simplified version of a traditional reverse mortgage.
The Express Reverse Mortgage is different to most reverse mortgages. You can only borrow a small amount of cash, but the upside is fewer restrictions based on your age and loan-to-value ratio, plus the rate is lower.
Richard Whitten is an editor at Finder, and has been covering home loans and the property market in Australia for the last 4 years. He has written for Yahoo Finance, Money Magazine and Homely, as well as multiple banks and lenders. Richard has a Certificate IV in Finance and Mortgage Broking, a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communication. He enjoys helping people understand the ins and outs of mortgages so they can make smarter property decisions. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea.
The Express Reverse Mortgage is really suited to a specific type of borrower. Obviously you need to own a home and be over the age of 60. But you're probably also looking for a small infusion of cash to cover specific expenses.
About this loan
What are the features and benefits of the Express Reverse Mortgage?
- Property value. There is no LVR restriction for this product. Instead, your home needs to be valued at a minimum value of $400,000.
- Loan amount. With this loan you can only access up to $50,000 of your equity, with a minimum loan size of $20,000.
- Fees. This loan has an application fee and a valuation fee. The cost of the valuation fee differs depending on how much your property costs. For properties under $2 million the fee is $350.
How to apply
To apply for this home loan or learn more about it, click the green button and follow the steps to speak to a mortgage specialist from Express Reverse Mortage. They'll explain any eligibility requirements and help you get started with your application.