 Star Ratings Library - Compare Reverse MortgagesCANSTAR CANNEX star ratings reports are the best way to find and compare costs, features and fees across five star rated reverse mortgages in the Australian market. |
Australia | New Zealand
Current Reverse Mortgage Star Ratings
April, 2008
Shifting into mortgage reverse
Six months ago, CANSTAR CANNEX released its first star ratings report on reverse mortgages, the relatively new product aimed at retirees. In a nutshell, a reverse mortgage allows a retiree to use the equity built up in the residential family home, often the main asset. The lender re-mortgages the home, gives the retiree the agreed money, with no requirement for any repayments until the retiree leaves and moves into care, sells the home or dies. When the loan ends, they or their estate repay what's owing from the proceeds of the sale of the home.
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