you can expect to not need to pay off significantly more than the worthiness of your property. This might be called the вЂno negative equity guaranteeвЂ™.
Read the reverse mortgage information declaration
Whenever a loan provider provides you with a reverse mortgage they have to offer you a ‘reverse mortgage information statement’, containing:
- information about what sort of reverse mortgage works
- here is how expenses are determined
- what to start thinking about before using away a reverse mortgage
- of good use connections to find out more.
Reverse mortgage projections
Your credit provider or credit help provider must present projections about any reverse that is proposed вЂ“ in individual вЂ“ before taking away a reverse mortgage. These projections should be made out of the opposite mortgage calculator on ASICвЂ™s Moneysmart site.
These projections will show the end result a reverse mortgage could have from the equity at home as time passes and show the possible impact of great interest rates and home cost motions. You really must be offered a printed copy among these projections. Read more ›