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Home Equity Release

If you are over 60, would like to release some of the value of your home without having to move, an equity release loan may just be your cup of tea (or er, coffee).  The amount you can borrow is dependent on your age and the value of your home.

You may wish to

·        Pay off an existing mortgage

·        Pay for house repairs and renovations

·        Upgrade to a new property

·        Repair or upgrade your car

·        Pay for health care

·        Educate your grandchildren

·        Travel

·        Buy a boat or holiday home

Whatever you want to do, we can help.

Our Process

1.      To fully ascertain your current financial position.

2.      To look at your financial and lifestyle goals from the point of view of how we can help you to reach these with the right structure.

3.      We deal with a lot of lenders.  Home Equity Release schemes or Reverse Mortgages are just part of the arsenal.  These may not be appropriate and being the well regarded brokers that we are, you will be fully informed as to what is available to you, at what cost, so that you can choose.

4.      With Home Equity Release products, you may wish to consult your family.  We have processes in place for this and any legal help you may require.

We recommend you talk with one of our consultants regarding these options.  It costs nothing to talk, you are under no obligation and it may help you formulate what you want to do.  Our service is free because the lenders pay us, the beauty being that we deal with many lenders and have no ties to any one of them. 

Questions you may have;

Question 1:
Do I continue to own my property?

Yes, you still have full ownership of your property and can continue to live in it for as long as you wish.

Question 2:
Are there any monthly, or in fact any, loan repayments required?

This type of loan is designed to last for the rest of your life.  It will usually be repaid only when you die or move into long-term care.  While you may make an earlier repayment with no penalty, full repayment is only required in the event you die, go into long-term care, or move from the house.

Question 3:
Can I move if I want to?

Of course, you are able to move house at any time and your loan can be transferred to your new home provided it meets our lending criteria.  If you are contemplating a move, it's best that you contact us first.

Question 4:
Do I need to get my house valued?

When we receive an application for a Home Equity Release Product from you, we will arrange to conduct an inspection of your property.  This will be used to assess the value of your home.  You will be contacted in advance to arrange a suitable time.

Question 5:
What will happen if between now, and when the house is sold, property prices fall such that there is insufficient funds to repay the loan?

An important feature of the Home Equity Release Product is what we call a Loan Repayment Guarantee.  This means that when you are no longer living in your home and your house is therefore sold to repay your Home Equity Release Product, the loan repayment will be limited to the net sale proceeds of your property.

Question 6:
Will there be any residual value in the property following the repayment of the loan?

This will depend on the amount borrowed and the future growth in the value of the property provided as security for the Home Equity Release Product. 

Question 7:
Home  Equity Release sounds good and maybe what I want.  Do you also look at alternatives for me?

Yes.  Our responsibility as NZMBA (New Zealand Mortgage Brokers Association) brokers is to examine your total situation and come up with as many solutions as are available.  The Home Equity Release may not be your best option in your circumstances.  At the end of the day we have access to a wide range of experience based solutions.

Websites you can refer to:

www.osc.govt.nz

www.asic.gov.au/fido/fido.nsf/byheadline/reverse+mortgages

Talk to our team on 09 410 6023 or 0800 005 066 or choose who you would like to deal with from here.

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