With the most recent Reserve Bank interest rate cut announced earlier in the month, Australian interest rates are now at a record 49 year low.
This is great news for borrowers, and particularly for seniors who are considering a reverse mortgage.
However, most of the major banks have recently begun to increase their medium and long-term fixed rates, indicating that we may be close to the bottom of the interest rate cycle. That is, variable rates may begin to rise again within the next 12-18 months. For more information on current reverse mortgage rates, go to Loan Check or call a reverse mortgage broker such as Seniors First on 1300 745 745.