Australian Seniors Advantage Group reverse mortgages
Stay in your home but use the equity for a cash lump sum, line of credit or regular instalments for whatever you need with a reverse mortgage from Australian Seniors Advantage Group.
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How an Australian Seniors Advantage Group reverse mortgage works
If you're over 60 and own your home, you can borrow from that equity. The loan can be used for a number of reasons and you don't need to repay it until you permanently leave that property.
Once you've submitted your application a professional valuation of your property will be conducted. If approved for the reverse mortgage you can choose how to receive the funds. You'll continue to own and live in the property.
The interest on the loan will be calculated daily and added to the loan balance each month. Although the loan repayment is not due until you leave the property, you can make partial repayments or repay in full before that time with no penalty.
Australian Seniors Advantage Group reverse mortgage features
Flexible drawdown: You can choose to access the funds as either a lump sum payment, regular instalments or as a line of credit.
No ongoing payments: The loan is repayable when you permanently leave the home.
Stay in your home: You can continue to own and live in your home as long as you want.
No negative equity guarantee: You won't owe more than your home's value.
Repay early: You can repay the loan at any time without penalty.
What can a reverse mortgage be used for?
Aged care
Refinancing
Day-to-day expenses
Debt consolidation
Home care
Home improvements
Travel, including cruises
Gifting to family
Vehicle finance
How to apply for an A.S.A.G. Reverse Mortgage
Because this is not a home loan to purchase property, the steps are slightly different.
Before you begin, you should speak to a legal professional to make sure you fully understand the reverse mortgage and its terms.
When you're ready to apply you can:
Check eligibility. You must be at least 60 years old and own your home.
Apply online. You can submit an application online.
Property valuation. A licensed valuer will assess your home's worth.
Seek advice. Independent legal advice is required before proceeding.
Loan approval and funding. Choose a drawdown method and receive funds.
More questions about ASAG's reverse mortgages
A reverse mortgage allows you to access the equity in your home (the amount of the property you own) to draw down cash without needing to sell the property.
The lender charges interest and fees on the money you borrow, but it accumulates until you repay the loan, usually when you leave the property or pass away. There are no stipulations around how you use the reverse mortgage, and you can repay early with no penalty.
Your equity is the amount of the home that you own. Basically, it's the value of your property minus the balance remaining on your home loan. Most people start off owning between 10-20% of the property depending on the deposit you saved. But the more you've paid down your home loan, the more of the property you own.
Rebecca Pike is Finder’s senior money writer, with over 10 years of experience in mortgages and personal finance. A frequent TV and radio commentator, she frequently appears on Sunrise, A Current Affair, 9News, and Sky News, and contributes expert analysis to publications like Yahoo Finance and The Latch. Rebecca previously served as Editor of Mortgage Professional Australia. She has a Master’s degree in Journalism as well as ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, which comply with ASIC guidelines. See full bio
Rebecca's expertise
Rebecca has written 229 Finder guides across topics including:
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