Get the Finder app 🥳

Track your credit score

Free

Install
finder.com.au

IMB Reverse Mortgage

Adam Smith
Adam Smith
Last updated:  

Keep your home and fund your retirement with an IMB Reverse Mortgage.

If you're 70 years of age or older, you can help fund your retirement with a reverse mortgage from IMB.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Expert review

Adam Smith

Review by

Adam Smith was the home loans editor at Finder.

Expert review

A reverse mortgage taps into the equity in your home to offer you funds for your retirement. You can choose to take these funds as a lump sum, a regular payment or a flexible cash-draw facility.

Reverse mortgages don't require regular repayments. Interest is calculated and added to the loan balance, and the loan is repaid when the last nominated borrower sells the home, moves out of the home or passes away.

About this loan

What are the features and benefits of the IMB Reverse Mortgage?

  • Loan amount and loan to value ratio. The IMB Reverse Mortgage carries a minimum borrowing amount of $20,000 and a maximum amount of $1,000,000. The maximum loan to value ratio is 50% of the equity in your home.
  • Eligibility. You must be at least 70 years old to be eligible for a reverse mortgage through IMB.
  • Repayment flexibility. A reverse mortgage does not require you to make regular repayments; however, the IMB Reverse Mortgage allows you to make as many repayments during the loan term as you like.
  • Payment type. You can choose to receive your payments as a lump sum, a regular repayment or a cash-draw facility. You can also combine these options or switch your payment type during the term of the loan.
  • Equity protection. This loan carries a no-negative-equity guarantee, meaning the loan amount can never exceed the value of your property. You also have the option of adding a protected equity option, which safeguards up to 25% of the value of your property.

What fees and charges come with this loan?

  • Settlement fee: $495. This covers the administrative costs of funding your reverse mortgage.
  • Discharge fee: $350. This fee is charged when the loan account is closed after the reverse mortgage is repaid, either after the home is sold or the last nominated borrower moves out or passes away.

How to apply

If you've researched reverse mortgage products and believe the IMB Reverse Mortgage is the right product for you, click the green button above. You'll be directed to the IMB website and guided through the application process. Remember to seek independent financial and legal advice before taking out a reverse mortgage.

Home Loan Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

More info
Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. A competitive variable rate loan from St.George. Refinancers borrowing $250,000 or more can get $4,000 cashback (Other terms, conditions and exclusions apply).

More info
Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

More info
Logo for UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate
UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate

Take advantage of a low-fee mortgage with a special interest rate of just 2.49% p.a. and a 2.49% p.a. comparison rate.

More info

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site