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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.
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Review by
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).
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.
To apply for this home loan or learn more about it, head to the Express Reverse Mortgage website and click on the Apply Now button. By filling in the form, Express Reverse Mortgage will assess your eligibility and get in touch if you're eligible.
September 14, 2023
How do I apply for an express reverse mortgage
September 21, 2023
Hi Christine,
To apply for an Express Reverse Mortgage you’ll need to head to the website, which can be found at http://www.expressreversemortgage.com.au. From there you can fill out an online form to assess your eligibility.
Hope this helps,
Rebecca
September 5, 2023
My wife and I own our home valued at $600,00 on which there is a bank guarantee on the title for $140, 000 for my daughters home. Are we eligible for a reverse mortgage?
September 5, 2023
Hi John,
You will need to mention this when enquiring with a lender, as it may adjust the amount you can borrow.
November 19, 2022
We are respectively 84 and 83 years, on full pensions. We jointly own a villa in a strata complex of ten, in Port Macquarie, well managed by a professional agency with adequate property insurance,. present value about $575,000. We wish to establish a reverse mortgage with Express, of $20,000 having a Home Equity Access loan of $10,000. Would we be welcomed? And what would be the fees, rates and conditions?
November 22, 2022
Hi Jimatport,
We are unable to advise whether any applications would be successful or not, that really depends on the lender’s criteria. Once you apply, they’ll review your application and circumstances in full against all of their credit criteria. To check if you’re eligible, it is best to contact Express directly.
Thanks,
Rebecca
October 10, 2022
i have a house valued at$ 450000 but do not own the land–rented at $200 per week–can i still apply or a reverse mortgage ?
October 22, 2022
Hi Len,
It would be best to get in touch with a lender directly to make sure you’re eligible, as it depends on the type of property e.g. whether it’s in a retirement village.
Thanks,
Rebecca
February 28, 2022
I would like some more information on getting a reverse mortgage. What types are there? I would like to get some money to get some home improvements done. We intend to remain in our house. Where can I go to get such information such a fees and other costs.
The value of our house and land is about $800.000
March 5, 2022
Hi Oriono,
There’s only one type of reverse mortgage and it usually involves borrowing some money now against the value of your property, with the funds to be repaid out of your estate. Usually, you provide some equity (or growth in value of the property) as part of the arrangement
To get more insights and to better understand how it works, visit our Reverse mortgages page.
For the Express Reverse Mortgage, you can view their rates and fees on their website.
I hope this helps!
Cheers,
Sarah