Homesafe Solutions joins SEQUAL

by Darren Moffatt on February 22, 2010

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In a welcome development for the Australian equity release industry, SEQUAL has now become the umbrella body for equity release rather than just an association of lenders. As a result of this change Homesafe Solutions has become a member of SEQUAL. Homesafe Solutions, Bendigo and Adelaide Bank, provide an alternative to reverse mortgages called Debt Free Equity Release. This is a ‘non-debt’ form of equity release that allows homeowners over sixty to sell a share of future sale proceeds of their property in return for cash, whilst still enjoying the benefits of home ownership. The change to SEQUAL and the resulting membership of Homesafe Solutions is a real win for senior consumers, as now all major recognised providers of equity release products in the Australian market belong to the one industry body.  All members of SEQUAL provide a ‘No Negative Equity Guarantee’ and abide by a strict code of conduct. Reverse Mortgage Watch strongly endorses SEQUAL and recommends that consumers only use SEQUAL members for equity release. 

{ 9 comments… read them below or add one }

henry lagosha July 29, 2010 at 5:13 am

give me info i have house worth 360000 dollars what cold i get i need i need 40000 dollars repay if house sold or take out mi estate whats the score

Philip Youel September 3, 2010 at 8:19 am

At the moment we have a reverse mortgage with the CBA but find that, as pensioners, the interest rates are killing us. We are very interested in the Homesafe type of mortgage. We live in regional Queensland and wonder is there an organisation that would service us with a Homesafe type loan.

NICK VESSELI January 9, 2011 at 12:14 pm

I HAVE A QUESTION MY WIFE AND I ARE 51 YEARS OLD AND WORKING FULL TIME AT THE MOMENT. WE OWE $360,000 our house value is $550,000 WE HAVE ANOTHER 22 YEARS TO PAY OFF THIS LOAN OUR MONTHLY REPAYMENTS ARE $2,180 .ARE WE ELIGIBLE FOR THE HOMESAFE RETIREE LOAN THANK YOU

Darren Moffatt January 11, 2011 at 4:11 pm

Hi Nick,

No, you will not be eligible until both of you are 60. Even then, you would possibly be only able to access 15-25% of your property value.

We may be able to help you with a much cheaper home loan rate in the interim, however. Please phone 1300 745 745 and ask for Darren.

Kind regards,
Darren

Steve June 13, 2011 at 8:40 am

Hi Darren. My father is a asset rich cash poor 70 year old on a pension. We have plenty of equity in our property and available cash in an offset loan account that charges a lot less than a reverse mortgage loan. Appreciating the Centrelink regs re +/- $40k and the need for a legal agreement, what is stopping us withdrawing $ from our offset account to lend to him at a lesser rate to the banks? In this way the interest payments stay within the family.

margaret white October 4, 2011 at 11:40 am

would i be eligable to this service / I am 78yr own my unit & like my other pensioners find it hard,looking forward to hearing from you .

christine elliott January 20, 2012 at 8:10 pm

I believe that ONLY the value of the land is used to calculate a Homesafe loan? Is this the case? Cheers

henry lagosha January 13, 2014 at 10:09 pm

Am 70 years old have property gold coast no mortgage. Worth $380000 what is the score I need info in all aspects. How much can I get cheers rik

Darren Moffatt January 17, 2014 at 9:57 am

Thanks Henry. Yes, I think we can help you with a reverse mortgage. I will respond privately to you via email. Cheers, DM

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