Reverse Mortgage: A Smart Way for Seniors to Unlock Home Equity

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Source: Reverse Mortgage: A Smart Way for Seniors to Unlock Home Equity

To qualify for a reverse mortgage in Australia, applicants generally need to be at least 60 years old and own a property of sufficient value. Lenders also consider factors such as property location, condition, and market demand. While income is not a primary requirement, borrowers must demonstrate they can meet ongoing property-related costs such as insurance, council rates, and maintenance. This ensures the home remains in good condition throughout the life of the loan.