Today’s email question is from Ruth In Cottesloe. Ruth asks in her email, I have heard the term Seniors Equity Release Mortgage, what is it?
A Seniors Equity Release Mortgage is the same as a Reverse Mortgage. It is available to people who are 65 years of age, or older. If there are joint loan applicants, one applicant may, with some lenders be aged 60 years of age, or older, as long as there is an applicant that is at least 65.
There is a good article, what is a reverse mortgage, this will give you all the pro’s and con’s about reverse mortgages.
If you have any questions or comments, please leave below. If you would like more personal mortgage information, or to find a mortgage broker, please contact me anytime.
http://www.mortgagefacts.com.au/
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