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 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.
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, 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.