Repay on Your Terms Flexibility to repay the loan when you sell the property, move to aged care (select lenders), or upon the last borrower's passing.
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Seniors Equity Loans Providing senior homeowners with the ability to borrow money against their homes without monthly payments or selling the property.
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What is a Seniors Equity Loan? Are you an Australian homeowner aged 60 and over? Looking for more liquidity without having to sell your home? Then you are eligible for a Seniors Equity Loan.
A seniors equity loan (also known as reverse mortgage) is a loan tailored for seniors, allowing them to access funds in retirement. Homeowners aged 60 and above can tap into their home equity without selling their property. With this loan, seniors retain ownership and can live in their homes without making ongoing payments. The loan is repaid when the homeowner permanently leaves the home.
How Seniors Equity Loan Works?
How much can I borrow?
Accessing Seniors Equity Loan Different access methods offering you flexibility, catering to financial goals and needs. Seniors have the advantage of flexible drawdown options that can be used individually or in combination. This allows seniors to tailor their access to funds based on their unique financial requirements and preferences. Whether it's receiving a lump sum, regular instalments, or utilizing a cash reserve (line of credit), the flexibility of these options provides customers with the ability to customise their drawdown strategy according to their specific needs.
Cash Reserve (Line of Credit) If you don't need immediate funds, you can establish a cash reserve or line of credit. This allows you to keep funds in a separate account that can be accessed as needed. It provides a financial safety net for unexpected expenses, giving you peace of mind and greater flexibility in retirement planning. Note: There may be fees and minimum access amounts associated with this option.
How much can I borrow?
Using the Funds With a Senior Equity Loan, you have the freedom to use the funds for personal needs that matter to you. Whether it's financing your aged care expenses or fulfilling your dream of purchasing a new vehicle, the choice is yours. The flexibility of a seniors equity loan allows you to tailor the funds to your specific circumstances and priorities.
Vehicle repairs or purchasing a new vehicle
How much can I borrow?
Is Seniors Equity Loan Suitable for You?
No Negative Equity Guarantee In 2012, the Australian Government introduced The No Negative Equity Guarantee (NNEG), a law that protects reverse mortgage borrowers from owing more than their home’s value, and from being liable if the property is sold for less.
✓ Access to a variety of lenders for more loan options. ✓ Expert guidance and personalised advice throughout the process. ✓ Comparison of loan options to find the best fit for your needs. ✓ Potential access to exclusive deals and special offers. ✓ Strong negotiation skills to secure competitive rates and terms. ✓ Advocate on your behalf during the mortgage process. ✓ Assistance with complex paperwork and documentation. ✓ Knowledge of the latest market trends and loan products. ✓ Ongoing support and assistance even after the loan is finalised.
How much can I borrow?
Frequently Asked Questions (FAQs)
Here's All that you Need to Know. Who Owns the House in a Reverse Mortgage? With a reverse mortgage, you’ll continue to be the full legal owner of your property. You can stay in it for as long as you desire. Your lender will only take the mortgage. As long as you do not ‘default’ under the agreement by breaching key obligations, your lender cannot force you to sell your home. What If I Want to Sell My Property? When you decide to sell your house, move into an aged care home, or pass away, your reverse mortgage loan will need to be repaid in full, including interest and fees. Will a Reverse Mortgage Affect my Pension? A reverse mortgage may affect your pension or other Government benefits that you can access. For this purpose, it’s recommended that you seek proper financial advice from Centrelink or speak to a financial expert on how your pension may be affected. Are there Costs for Repaying the Loan Early? You can repay your reverse mortgage loan early if you desire. No extra costs are levied if you partially or entirely repay your reverse mortgage loan. Are Reverse Mortgages Regulated? With the passing of the National Consumer Credit Protection Act (2012), reverse mortgages have become one of Australia’s most highly regulated credit products. As a result, explicit protective measures have been implemented for consumers at the start and end of the loan process. How it Works, Explain with an Example. Rose is a single pensioner who owns a home worth $500,000. She wants to make some renovations to her property to suit her needs and to travel overseas to see family. To fund her plans, she takes out a reverse mortgage for $50,000 and chooses to receive it as a lump sum. Over time, the value of her home goes up and, when she dies, her children (her beneficiaries) sell the house for $700,000. The bank is owed the $50,000 plus the interest that accumulated since she took out the reverse mortgage. For Rose, the reverse mortgage meant she had more income to spend during her retirement years. What happens if you haven't paid off the loan when you die? The loan is settled by the estate normally within twelve months.
I'm Terry Charles Frankland,
Your Personal Senior Equity Loans Advisor for Seniors 60+ For the past 33 years, I've had the opportunity of working in Australia's Wealth Management business, including real estate investing, mortgage lending, financial planning, wealth protection insurance, and now, in my senior years, guiding equity-rich, cash-flow-poor homeowners in improving their retirement lifestyles, which is basically topping-up their pension, super, renovate or pretty much anything legal with the options for no mortgage payments over set periods….Terry Charles Frankland Terry is quickly becoming known as the ‘go-to person’ for Seniors Equity Loans for 60+ with the recent resurgence (particularly in the Eastern States) of the Seniors Equity Home Loans business, also known as (Reverse Mortgages, Life-Loans, and Seniors Equity Release). This is because of stricter government rules in that Financial Institutions that lend to older individuals are now required to provide a NO Negative Equity Guarantee and Lifetime Occupancy as a minimum. Interestingly our major banks have pulled out of this market, some say they caused the problems in the first place!! Terry is driven by the memory of his own father, who lived a long life but ran out of cash and couldn't afford to buy a new car let alone renovate bathroom and kitchen. His dad rejected any assistance from his own kids, even though they would inherit his home regardless. That made no logical sense to Terry or his two brothers Wayne & Trevor!! As the equity growth would have covered it. Terry is now on a mission to educate others, like his father, about the prospect of an even more promising retirement future if the proper steps are taken. The first thing he does is provide a free house appraisal utilising his real estate skills so that both parties understand how the money will work right away. Avoiding disappointment if the valuation later falls short of the funds required. All of this adds to a smoother and easier outcome in terms of which loan options from which lender would be not-unsuitable for borrowers, as opposed to Terry's dad, to live a more comfortable retirement, which is always the clear goal. “These New Innovative Home Equity Loans for Seniors are Experiencing Explosive Growth across Australia.” 1300 766 038 or 0422 683 755 www.SeniorsEquityLoans.com.au
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Kind words from our clients.
Dear Terry – I felt it necessary to drop you a line to let you know how grateful I am for all your help and invaluable advice over the years. As you know the last twelve months, I was a complete mess not knowing what to do about my financial circumstances and suffering intense anxiety about the whole situation. After praying very hard for days about my circumstances, I rang your number unintentionally, and the rest is history. You gave me peace of mind along with practical advice and wise council to get me back on the track financially. You managed my affairs while I was away for six weeks so I could focus on my mission trip. I dread to think where I would be without your reassurance and caring. You are indeed a blessing Terry Frankland. Thank you so much for everything. Julie Barrie.
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Important Information This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.
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