An Equity Release Home Loan, also known as a Reverse Mortgage gives borrowers 60 years and over access to the equity in their home without the need to make any repayments until the property is sold or passes to their estate (interest charges and fees are added to the loan each month). Its key features are:

• Borrowed funds can be used for any personal, investment or business purpose.
   

• There is no income test to qualify for the loan.
   

• No repayments are required until sale or transfer of title.
   

• Borrowers can protect up to 20% of the value of their property to pass on to family.
   

• The "no negative equity" incorporated in the loan agreement means that, assuming borrowers adhere to the loan terms and conditions, neither they nor their estate can ever owe more then the sale value of the security property.
   

• Loan amounts can be to a maximum of $1,000,000 (minimum $30,000) based on the age of the youngest borrower (all owners must be borrowers) and is based on the valuation of the security property.
  The loan amount can be drawn down in one amount, taken as a monthly payment over the lifetime of the loan or a combination of a lump sum and monthly payments.

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