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Reverse Mortgage query

Posted by Hadley Hadley
Message 1 of 2 2,114 Views

My husband is 66 and I am 47. Our property is valued at $710,000 - and we have a $150,000 mortgage owing.

Can we:

a) With a reverse mortgage, borrow $100,000  (which the bankwest calculator indicates we can based on the value of our home)?

b) If we can do the above, can we pay out the mortage on our house with the $100,000 (with the remaining $50k paid courtesy of a kind relative)?

c) Finally, in the scenario above, how much would the interest would be accrued over a two year period (after which we would sell and pay out the reverse mortgage amount)?

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Re: Reverse Mortgage query

Posted by LyndsC LyndsC
Message 2 of 2 2,112 Views

Hi @Hadley, it'd be best to speak with a home loan specialist in regards to this, as they can look into your details and discuss your options in more detail. If you'd like to send me an email with your contact number, full name and user name for the forum to, I can arrange a specialist to call you. Thanks!

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