Easy Living Access Loan

What is a Reverse Mortgage?

A Reverse Mortgage is a loan that allows seniors to borrow against the value of their home, and not have the need to make regular repayments. Nurses First's Easy Living Access Loan is one such loan.

Many senior Australians do not have access to the cash that allows them to live their lives the way they want to. The Easy Living Access Loan helps you to access the equity in your home to give you financial freedom and independence when you need it most.

You don't need to sell your home to do the things you want - in fact, your home can be the security for a loan that will give you the freedom you've always dreamed of.

You can use the funds for any purpose at all. You could take a holiday to a destination you've always wished to visit, trade in your car for a new one, help the kids out - anything your heart desires!

How does the Easy Living Access Loan work?

The Easy Living Access Loan offers you choice and flexibility and can be structured in a way that best suits you.

You can borrow from $10,000 to $300,000, depending on your circumstances. There is no requirement to make repayments on the Easy Living Access Loan during your lifetime. The interest rate is variable with interest and any charges debited to the loan balance monthly. Should you choose not to make repayments, the loan balance will increase over time. Full repayment of the loan is required if the property is sold, when the last property owner passes away, if another mortgage is entered into or if the property is not lived in by either borrower for 12 months or more.

On the other hand, repayments including interest only, lump sum, or even repayment in full, can be made whenever you choose.

The best thing about the Easy Living Access Loan is that it allows you to enjoy life, and stay in your home.

Who can apply for an Easy Living Access Loan?

If the youngest person to be listed on the loan is over 60 years of age, the Easy Living Access Loan can be a means to achieving financial freedom, whatever your circumstances. However, before you apply there are some important things to consider.

Nurses First suggests that you obtain independent legal advice to ensure the loan is suitable for you. We also recommend that you seek financial advice to determine any social security or tax implications that may affect pensions or tax thresholds. In addition, both partners living in the house need to be over the age of 65 to qualify for the loan.

You should also consider that the Easy Living Access Loan may not be suitable should you wish to leave your property free of debt for family or friends to inherit.

Next step - Easy Living Access Loan