READ MORE:* Co-operative Bank joins the small bank mortgage war pushing down home loan rates* Reverse mortgage approvals increase 20 per cent as retirees seek cash* Is a reverse mortgage the solution to your money woes? * Reverse mortgages boom as pensioners opt to put retirement on the houseIf you’re in that camp, and have decided you’d like access to some funds but don’t want to leave the family home, then a reverse mortgage may be an option worth considering. Unlike in the UK, for many Kiwis the reverse mortgage is a temporary thing until they sell or downsize. Abigail Dougherty/Stuff Reverse mortgages have traditionally been seen as a bit “out there”,So, at 60 or 65 the amount you can borrow might be quite restrictive relative to if you are 80. In a nutshell, reverse mortgages allow people to borrow against their home without having to make any repayments until it’s sold.

Source: Stuff February 11, 2021 15:56 UTC