Lending options for over 60’s.

You may be under the impression that there are no borrowing options for a person who is over the age of 60.

Well I’m here to spell that myth, because there are actually a number of loan options available to persons aged 60 and above. Let’s take a look at those:

• Home Loan. Did you know that you can still apply for a home loan if you are over the age of 60? Yes, you did read that correctly! Persons over the age of 60 can still apply for a home loan, there are just specific lender policies and criteria that they have to meet in order to obtain that finance.

• Reverse Mortgage. Unlock the equity in your home and fund the lifestyle you want. A Reverse Mortgage is an interest only home loan facility that lets you borrow against the equity in your home. There is specific criteria you must meet to be eligible for a Reverse Mortgage, for example you need to own your own home, but this is a great option for people over the age of 60. The mortgage is repaid via your estate when you pass away.

• Self Managed Superannuation Fund loans. Unlock the potential and use your superannuation to buy property. Again there are certain criteria you must meet and there is strict rules around this type of lending but it’s a great option for people with a self managed superannuation fund.

So there you have it, some options for the elderly should they wish to borrow money. Further information and the process and criteria can be found by contact Jackie for a chat.