Reverse Mortgage Loans

Applicant type

Facility limit is assessed on the age of the youngest applicant and the loan to value ratio. The limit available must fall between the acceptable limit range.

Employment requirements

n/a.

Income: required proofs

n/a

Loan amounts minimum & maximum

$20k > no maximum for loans, subject to property valuation and applicant's age

Purpose

Any personal purpose. Refinance any existing loan where the original purpose was for personal use only.

LVR

Age is based on lowest age of borrowers
Customers Min & Max Limit Max LVR ,
Aged increases 1% LVR per year after 60 years

60 to 65    10% > 15% LVR = 1% per year
66 to 75    16% > 30% LVR = 1% per year
76 to 85  , 31% > 40% LVR = 1% per year
86 to 94    41% > 49% LVR = 1% per year
95 ,+ 50% LVR

Coded, non-coded, or either

Either

Credit related issues

CLEAR. Very minor but paid defaults may be O.K.

Variable, fixed or both

n/a

P&I, I/O, or both

n/a

Residency Status

Citizens and permanent residents

Comments, special conditions

No ongoing fees or charges

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