Introduction
It is crucial that you understand what you are signing up for when you enter into a reverse mortgage contract. Key issues include:
- Is there a cap on the ownership amount that the lender is granted in your home, or will they potentially own it entirely one day? Could your estate possibly owe the lender more, even after the property is sold?
- Is the product a loan, or are you selling part of your property to the lender?
- What constitutes a default on the loan and what are the consequences of such a default? Could the lender potentially evict you?
- What are your insurance and maintenance obligations?
- Financial advice – in conjunction with our legal advice, you should also seek guidance from a financial advisor in respect to an equity unlock product and whether there are any better products available for you.
Can we assist you with issues relating to a reverse mortgage or Homesafe matter?
Contact our Property Law team.
When it comes to
Reverse Mortgages and Homesafe Matters
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