A reverse mortgage is only available for people aged over 60 who may be lacking in cash flow.

It allows retirees and pensioners to convert the equity they’ve accumulated on their home into cash.

You don’t need to demonstrate income and you’re only required to pay back the loan when you sell the property, pass away or otherwise vacate the home. You will be charged interest, however it will be capitalised back into the loan and unless you make voluntary repayments, compound over time. 

Integrity Finance Australia’s Daryl Borden and Felicity Boyle specialise in reverse mortgages and can talk you through the disadvantages and benefits of this type of finance. 

Find out about reverse mortgage loan options here.