OCBA - Reverse mortgages

Reverse mortgages

A reverse mortgage allows you to borrow money against your home, without having to make regular repayments. Reverse mortgages have been promoted as a means of giving older home-owners access to extra cash. The amount of money borrowed and the interest accrued over the term of the loan are payable when the property is sold or when the last co-borrower moves out or dies. This type of loan can increase financial flexibility considerably but can also have important long-term effects on future choices.

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