In an unexpected move, the Royal Bank of Scotland (RBS) recently increased it’s minimum age from 60 to 65 years, effective immediately. With only one lender left offering reverse mortgages from 63 years (all others are now 65), this now means that Australian seniors must wait longer to access their home equity.
What were the reasons behind this decision?
Over the last 18 months, many lenders who previously offered reverse mortgages from 60 years of age have exited the market. Consequently RBS was the only lender left to cater to the 60-63 year market, and it’s likely they received too much of this business for their liking, and have mitigated this by raising their minimum age to 65.
For information on the remaining lender who offers reverse mortgages from 63 years, enquire here.
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Is there any way I can get a reverse mortgate at age 60. Dob 6/17/49
Any advise would be appreciated.
Thank you