Equity Release via a Reverse Mortgage
Flexibility and Peace of Mind in Retirement
“At Key Choice Lending, we help retirees unlock the value of their homes through Equity Release, also known as a Reverse Mortgage. This solution allows homeowners aged 60+ to access their home’s equity without needing to sell, providing comfort and security throughout retirement.”
Is Equity Release Right for You?
“If you’re seeking to boost retirement income or manage large expenses while maintaining the security of home ownership, we’re here to guide you toward the best financial solution tailored to your needs.”
How Australians Are Using Their Reverse Mortgages
- Debt Consolidation(simplify debt and enjoy life)
- Home Improvements(future-proof your home)
- Support Your Family(help your children or grandchildren)
- Day-to-Day Expenses(supplement income effortlessly)
- Visit Family and Friends(travel to see loved ones)
- Car Purchase(maintain or upgrade your vehicle)
- Medical and Healthcare(cover healthcare needs)
- Travel and Holidays(explore your dream destinations)
Live a more comfortable retirement with a Retirees Equity Release
occupancy
You can live in your home for as long as you choose
You can choose a product that ensures the amount to repay never exceeds the net sale proceeds of the property.
repayment
There is no requirement to make any loan repayment until the end of the loan, although you are free to do so at any time
What is a Retirees Equity Release?
How it works?
Get in touch. Our specialists will help you figure out if this is the right option for you and get your application started.
The amount you can borrow depends on the value of your home. After your application is completed, we’ll request a valuation to be undertaken.
After valuation, we review the report and your application. If this meets our criteria we make you a loan offer.
We send your settlement documents to your solicitor, who will need to provide you with necessary independent legal advice.
The Advantages and Disadvantages
You continue to own and live in your home for as long as you choose while accessing equity
Flexible fund receipt options.
The amount required to repay the loan will never exceed the net sale proceeds of the property
30-day cooling-off period If you take out a loan with us and have a change of heart allows you to cancel your reverse mortgage within 30 days of settlement and repay your loan at no additional cost.
Additional occupiers, such as children, are permitted. However, they will be required to sign an acknowledgement confirming that they understand the lifetime occupancy promise will not apply to them.
There is no requirement to make any loan repayment until the end of the loan, although you are free to do so at any time
Equity Protection Option. You may choose to protect a percentage of the value of your home (up to 50%). When your loan is repaid, you or your estate are guaranteed to receive at least the chosen Equity Protection Option percentage of the net sale proceeds
Loan balance may increase over time.
Possible impact on the estate’s value for heirs.
Generally higher interest rates than conventional mortgages.
Receive your Retirees Equity Release Guide
Australian retirees are making the most of their retirement and planning
Am I Eligible?
Homeowners, aged 60 and above
Your property must be residential, of conventional construction and in good repair. It must also meet our minimum property criteria, including valuation, size and location.
The property should be mortgagefree, or if there is a mortgage outstanding, it must be repaid with your Retirees Equity Release
A Retirees Equity Release is also available to be taken over an investment property or holiday home.
Aged Care Option is available for those residing in or moving into permanent longterm care. It has a maximum term of 5 years. Any customers who currently reside in and intend to stay in their home are not able to select this option
borrower’s age and your home’s market value.
*Conditions apply for couples with one partner aged 55-60.
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Identification
Examples of acceptable documents:
- Birth certificate (with change of name or marriage certificate if not current legal name)
- Current driver’s license (front and back)
- Current passport
- Centrelink income statement with date of birth showing
- A government-issued ID card
- Citizenship certificate
Rates Notice
Copy of the latest rates notice for the security property.
Insurance
Copy of the latest insurance renewal notice for the security property.
Debt Information
Latest statements for any debts/loans to be repaid at settlement
Power of Attorney or Administration Order
Copy of power of attorney/administration order document (if applicable) – this must be registered with the land titles office (excluding Victoria – if Victorian, an originally certified copy is required).
Body Corporate Fees
Copy of the latest confirmation of body corporate fees, if applicable
Tenancy Agreement
A copy of the lease agreement if there are any tenants living at the security property.
