Not all banks provide reverse mortgages, and of those that do, there is a big difference between the cost and features of the products they provide.
Our recent reverse mortgage survey found that on a loan of $100,000, there is difference of $26,000 in total interest and fees over a twenty year period, between the cheapest and most expensive reverse mortgages currently available to seniors in Australia. That’s more of your money needlessly going towards fat bank profits !
That’s why it’s so important to shop around yourself, or obtain the assistance of a SEQUAL accredited equity release broker.