Help to afford to stay in your home using 'Equity Release'
What is a 'Reverse Mortgage' (aka 'Equity Release’)?
iLender can advise you on how to continue to enjoy your retirement in your own home, providing you with both independence and peace of mind, knowing that unexpected costs are covered.
What is a 'Reverse Mortgage’?
iLender can show you how a ‘Reverse Mortgage’ works. It basically allows you to borrow against the equity in your home, without having to sell it - releasing cash for your well earned and comfortable retirement.
We can explain very easily and clearly how such a Home Loan works, releasing equity in the value of your home, so you can achieve the freedom from worry about making ends meet, paying the rates and unexpected bills and affording some little extras too!
We’ll tell you straightaway what can be done to help you, what to consider and what costs are involved. Basically, we would help you secure a simple loan against your property, but with no requirement for repayments and you would have lifetime occupancy of your home until the sale of the property.
Do I qualify?
Yes, if you are over the age of 60 and own a property. However, the amount you can borrow is related to the 'loan to value' as a percentage of the value of your property. This is fairly low at age 60 but rises the older you get.
What are the benefits to me?
It may be that your home has no mortgage and you do not want to go into a Retirement Village or stay with family.
If this is the case and you feel more comfortable staying in your own home rather than moving in your senior years, then a 'Reverse Mortgage' may be a good option to consider. So, contact us at iLender to chat through your options.
After all this is your home and you may feel unhappy about moving.
A ‘Reverse Mortgage' allows you to stay in your home and do the things you want to do, without the worry of repaying the debt.
This is where an issue can arise, as relatives sometimes feel ‘left out’ if you spend their inheritance! Should this be the case then you always have the option to protect a portion of your home’s equity if this is a concern and again iLender can offer you some guidance in this regard.
What can I do with the money?
Repay other debt, pay for operations, trips abroad, pay for a grandchild's wedding or providing them with a deposit on their home. Maintaining your own home, in fact whatever you want to do is fine.
Over 15,000 Kiwis have been able to live a more comfortable retirement with the flexibility a ‘Reverse Mortgage’ provides.
What’s the downside?
There isn’t one really, as iLender only recommends reputable Banks and Lenders and all the ‘fine print’ can be gone over by your Solicitor before you commit.
It’s a good plan to write down all the questions you may have and ask iLender up front. We’ll provide you with all the information you need, so that you and your family can make an informed decision.