Senior Access Home Loan
Seniors loans are a reverse mortgage simply put for those over the age of 63 are able to convert part of the equity in their home into cash. In the terms of a reverse mortgage you are not required to pay back the loan until the home is sold or otherwise vacated. As long as you live in the home, you are not required to make any monthly payments towards the loan balance.Generally you are able to borrow from $10,000- $250,000 depending on a number of factors;
- Age of applicants
- Property value
- Equity in your home
- Location of property
The Loan can be used in any way you like including renovations, buying a car or taking a holiday.