A reverse mortgage in Australia allows you to take equity out of your home, as cash. This lets you use the value that's built up in your home to produce a regular flow of income to improve your quality of life.
But a Reverse Mortgage requires you to stay living in the property, so you can't draw cash from your investment properties, and you can't take extended travelling holidays. You can only take out 15-40%, and only when you're 60. CHOICE magazine and ASIC are both against Reverse Mortgages in Australia due to their negative effect on you and the economy, as reported in The Sydney Morning Herald.
If you're looking for a way to draw an income from your home, that enables you to travel, downsize, or move closer to family, let's have a chat. I buy houses in Sydney without needing a bank, so if you'll let me make a number of payments over time, I can usually pay full price, and set you up with a secure long-term income stream, much higher than the banks can offer. Let me help you avoid the perils of a reverse mortgage, so that you can move on and enjoy your life.
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