Legal Advice for Reverse Mortgage Loans
Advice Remotely or in person NSW
We provide legal advice for reverse mortgage borrowers in NSW in person and online remotely.
Reverse mortgages are for those over 60 looking to access their home equity without monthly repayments, with the loan and interest repaid upon the home’s later sale, or when the retiree decides to down-size, or when a partner pass-away or enter into aged-care, and the primary home is put for sale.
We ensure you understand the terms and implications of this unique equity release loan.
What is a Reverse Mortgage Loan?
A reverse mortgage is a home loan that lets over 55’s access part of the equity they have in their home.
If they own their property outright they can borrow against the value of their home and receive funds in a variety of different forms, be it a lump sum of cash, a line of credit or a recurring monthly payment.
The main difference with a conventional home loan, is that no monthly repayments are required. Interest will continue to accrue on the loan, but is compounded onto the loan amount monthly.
When you sell, move out, or die, the sale proceeds pay off the balance of the loan, all interest, fees and charges.
A reverse mortgage is a long-term financial commitment. You need to fully understand the terms, including interest rates, repayment conditions, and your responsibilities under the loan agreement.
Since a reverse mortgage loan affects homeownership and equity, legal advice can help ensure how it might effect your estate planning goals.
Having independent legal advice ensures that you are making an informed decision that aligns with your financial and personal needs.
Individuals
- Independent Legal Advice for Reverse Mortgage for a Single Borrower
- Review of Loan and Mortgage Documents
- Written legal advice
- Provision of legal advice via face to face in person or remotely online
- Issuing documentation to your lender
- Please note additional costs applies for additional tasks
Couples
- Independent Legal Advice for Reverse Mortgage for a Two Borrowers
- Review of Loan and Mortgage Documents
- Written legal advice
- Provision of legal advice via face to face in person or remotely online
- Issuing documentation to your lender
- Each borrower is provided a legal advice separately and independently of the other borrower
- Please note additional costs applies for additional documents
What we do
Review your Loan Documents
We will conduct a thorough review of your reverse mortgage loan documentation provided to you by your preferred lender. They will usually comprise a loan agreement, loan terms and conditions, a mortgage form, and a set of mortgage common provisions.
Legal Advice
We will undertake a legal advice meeting with you, face-to-face and at a mutually convenient time. The meeting will be held with you personally, and would ordinarily last between 30 to 45 minutes, depending on the questions you might have, or any issues that may arise. If there are two borrowers, we will meet with each of you separately and independently.
Certificates & Declarations
We will provide any certificates, confirmations or witness any declarations that may be required by your particular lender. Each reverse mortgage lender has their own processes and requirements to confirm you have obtained legal advice.
