How do I qualify for a reverse mortgage?

by Darren Moffatt on July 4, 2008

  • Sumo

In Australia, as long as you own your own home you can get a reverse mortgage from as young as 55, however at that age you would be restricted to just 10% of the home value. As you grow older each year, you can get usually get a an extra 1% of the home value (depending on the lender).

For instance,  if you are 70 years old you would be eligible for 25% of the home value. For further assistance on whether you qualify and how much you could get, go here

{ 1 comment… read it below or add one }

tom July 27, 2011 at 4:08 pm

I am looking at a reverse mortgage at age 70.
My house is in my company name not my personal name.
Who will allow me to borrow as a reverse mortgage in these circumstances.

My enquiries to date suggest a reverse mortgage is not possible if my house property is not in my name or say joint with the wife aged 66.

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