Purpose
What the funding is intended to support, and the outcome being considered.
CONSUMER & MORTGAGE / FINANCE SOLUTIONS
Reverse mortgage
An archived Monteus service page for reverse mortgages.
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around the brief.
An archived Monteus service page for reverse mortgages. The right questions depend on the purpose, structure and timing of each request. Monteus can confirm current services and requirements directly.
Structure
The business, property or asset context relevant to the finance discussion.
Timing
Key dates, milestones and information needed to assess the next step.
This service has a captured page in the Monteus content archive. Current availability, terms, fees and claims require confirmation before launch.
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Reverse Mortgage
Copy preserved from the Monteus archive, captured 2022-11-04. Confirm wording, terms and claims with Monteus before publication.
The assets and businesses of each business are unique, making a one-size-fits-all solution impossible. There are different loan products for different businesses, and the terms and interest rates of all the loans will vary.
Over time, the interest charges on the loan will compound, so the amount you borrow will rise. Interest rates are likely to be higher than on a regular home loan.
You repay the loan in full, including interest and fees when you sell your home.
You may be able to make voluntary repayments sooner if you wish. The loan may also allow you to protect some of your home equity from being eroded. It is advisable to leave enough money for aged care, for example.
How much do you borrow The method you select to borrow the funds (for example, a lump-sum loan will cost more in interest over time)
The interest rate and fees (for example, loan establishment, ongoing fees, valuation) How long have you had the loan.
Negative equity protection From 18 September 2012, negative equity protection is available for reverse mortgages. In other words, you can’t owe the lender more than the value of your home (market value or equity).
Don’t worry though, the team at Monteus can be with you to review your reverse mortgage contract if you took out one before this date. If it doesn’t include negative equity protection, your relationship Manager at Monteus can talk to your lender or help you on what to do.