IMB Reverse Mortgage
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.
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Adam Smith was the home loans editor at Finder.
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.
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