Reverse Mortgages · Home Loans
Stay in the home you own. Know what it will cost before you sign.
A reverse mortgage lets older homeowners borrow against their home with no regular repayments. We show you what it could cost over time, what the alternatives are, and tell you plainly whether it fits.
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What happens next
Why commercial through Evolve
Commercial is where we do our best work
Projections before paperwork
The law requires us to go through equity projections with you before recommending anything. We do it line by line, and you keep a copy.
No monthly repayments
Interest is added to the loan instead of being paid each month. The balance is repaid when the home is eventually sold.
Protected by law
Reverse mortgages written since September 2012 cannot leave you owing more than your home is worth, provided the loan’s conditions are met.
Family in the room
Adult children, your accountant or adviser are welcome on every call. The decision stays yours, but the understanding can be shared.
Client outcome
A couple on the Age Pension funded home changes without selling
A couple in their mid-seventies, living on the Age Pension and a carer’s allowance, needed $200,000 for medical costs and home modifications. Their income could not support repayments on a standard loan, and the original title deed was missing. We met them at home, explained how a reverse mortgage would grow over time, compared lenders on fees and access, and tracked the deed down in a bank’s long-term storage. The loan was approved with funds drawn as lump sums when needed, and they stayed in a home they had owned for more than forty years.
“Les is so polite and made us feel like we could ask anything knowing he would guide us in the right direction. I would recommend Les to anybody looking for a mortgage broker, he was amazing.”
Samuel, Google review
“Les and Mark were wonderful throughout the entire process, providing expert advice to secure the exact deal I needed for my financial goals. Communication was excellent, and they kept me informed every step of the way.”
Jeff, Google review
In plain terms
Reverse mortgages, explained properly
A reverse mortgage lets you borrow against a home you own outright, or nearly so, without making regular repayments. Interest is added to the balance instead, and the loan is repaid when the home is sold, usually after you move out permanently or after the last borrower passes away. The appeal is plain: money to live on, and you stay in the house.
The cost is time. Nothing is repaid along the way, so the balance grows, and the longer the loan runs the less equity is left for aged care, family or later needs. We also weigh the alternatives honestly: downsizing, where you can buy before you sell with bridging finance, or other ways of using your equity while you are still earning. If one of those is the better answer, we say so.
Tell us about the home, your income and what the money needs to do. The answer will be straight: a reverse mortgage fits, something else fits better, or not yet.
How it works
From first conversation to settlement
- Step
The first conversation
A call, usually within one business day, covering the home, your income, what the money is for and who should be involved.
- Step
Initial assessment and recommendation
The equity projections the law requires, gone through line by line, the alternatives compared, then lender, structure and how the funds are drawn recommended in writing. You decide in your own time.
- Step
Application prepared for signing
We prepare the application and supporting documents for the chosen lender, and allow for the independent legal advice most lenders require. Nothing is lodged until you have signed.
- Step
Lodgement and lender approval
Lodged the same or next business day after signing. Most lenders approve in 3–7 business days, some in 1–2, a few take 10–15. Then we stay with you to settlement and the first drawdown.
Understanding reverse mortgages
How the loan works over time
What is a reverse mortgage?
A reverse mortgage is a home loan for older homeowners that needs no regular repayments. Interest is added to the balance, and the loan is repaid when you sell, move out permanently or pass away.
You keep ownership and stay in the home, taking funds as a lump sum, a regular income, a line of credit or a mix. Because interest compounds, the balance grows faster the longer the loan runs.
How much can you borrow against your home?
Less than with a standard home loan, and the amount depends mainly on your age and the home’s value. As a guide from ASIC’s Moneysmart, the most you are likely to borrow at 60 is 15 to 20 per cent of the home’s value, adding about one percentage point for each year over 60.
Each lender sets its own ages, limits and property rules, and the final figure follows a valuation. We give you a realistic range before you apply.
Is there a better way to release equity?
Sometimes. If you still have income, a standard loan or refinance with repayments usually costs less, because reverse mortgage rates tend to be higher and the interest compounds. If you are open to moving, downsizing releases equity with no interest at all.
A reverse mortgage earns its place when staying in the home matters and there is no income to service a normal loan. The government’s Home Equity Access Scheme is also worth comparing for anyone of Age Pension age.
Can you reverse a reverse mortgage?
Yes. Most reverse mortgages can be repaid early, in part or in full, generally without a penalty, although fees can apply. Selling, refinancing or using other funds all clear it.
Otherwise the loan is repaid when the home is sold, after you move out permanently or after the last borrower passes away. Whatever is left once the loan is repaid belongs to you or your estate.
Keep exploring
For owners still earning, with normal repayments.
Restructure the loan you already hold.
Downsizing, when the next home comes before the sale.
Guide · Buying the next home before the current one sells
Start with the honest numbers
Call 1300 112 355
Questions retirees and their families ask
What is a reverse mortgage?
A reverse mortgage is a loan that allows eligible older homeowners to borrow against some of the equity in their home. Unlike a standard home loan, regular repayments are usually not required while the borrower remains in the home, and the debt is generally repaid later, often when the property is sold or the borrower leaves the home. Moneysmart describes reverse mortgages as a form of home equity release for older Australians.
Who can usually qualify for a reverse mortgage?
Eligibility varies by lender, but reverse mortgages are generally aimed at older homeowners with sufficient equity in their principal place of residence. Moneysmart frames them as a product for older Australians, while lender criteria such as minimum age and property requirements can vary.
Do I have to make regular repayments?
Usually not. In most cases, the interest is added to the loan balance over time rather than being paid monthly. That is one reason it is important to understand how the debt may grow and what that may mean for the equity left in the home later.
How can the funds be accessed?
Depending on the lender, funds may be available as a lump sum, regular payments, a line of credit, or a combination. The right structure depends on what the money is needed for and how much flexibility is required.
Can I end up owing more than my home is worth?
For reverse mortgages taken out since 18 September 2012, Moneysmart says negative equity protection applies. That means when the home is sold to repay the loan, the borrower will not owe more than the value of the home.
What should I think about before taking out a reverse mortgage?
The main issue is not just access to equity. It is the long-term effect on the equity left in the property, your future flexibility, and what the arrangement may mean later. ASIC provides a reverse mortgage calculator specifically because the loan balance can grow materially over time through compound interest.
Is a reverse mortgage the right option for everyone?
No. It can be useful in the right circumstances, but it is not automatically the right answer just because equity is available. That is why the product should be assessed carefully against the borrower’s goals, cash flow needs, and long-term position. Moneysmart’s guidance is framed around understanding costs, risks, and future impacts before proceeding.