The Macquarie Bank Reverse Mortgage is a home loan secured by a mortgage over the equity in the customer’s family home. The loan can be taken as a lump sum (either upfront or in stages over the life of the loan), a regular monthly income, or a combination of these options.

Interest is debited to the customer’s loan account each month, with payment deferred until the property is sold, the borrowers no longer live in the home or all borrowers are deceased.

Key benefits of the Reverse Mortgage:

·         Access the equity in the family home to cover general living costs and one-off items, such as medical fees, home repairs and travel

·         Borrow up to 45% of the property value without the need for income assessment

·         The customer is protected from owing more than what their home is worth with Macquarie’s ‘no negative equity guarantee’ (NNEG)

·         No fixed loan term meaning the customer  never has to make a repayment until the property is sold, the borrowers no longer live in the home or all borrowers are deceased

·         No ongoing account management fee

The Macquarie Bank Accommodation Bond Loan provides a solution for retirees to fund the accommodation bond potentially required by aged-care facilities by borrowing against the equity in the family home. The loan can be taken as a lump sum (upfront or in stages over the life of the loan), a regular monthly income, or a combination of these options.

Interest is charged and is capitalised to the loan. No repayments are required until the end of the loan term however, additional and partial repayments are permitted at any time.

Key benefits of the Accommodation Bond Loan:

·         Access the equity in the family home to fund a move into aged-care

·         Borrow up to 45% of the property value without the need for income assessment

·         The customer is protected from owing more than their home is worth with Macquarie’s ‘no negative equity guarantee’ (NNEG)

·         No ongoing account management fee

Check out the new products in iLend™.

For more information contact your Macquarie Bank BDM.