Are you an asset-rich, but cash-poor senior?

A ‘Senior’s Lifestyle Loan’ releases equity tied up in your home and can free up cash to maintain or increase your standard of living.

These loans are designed for retirees who own their own home but don’t have good cash flow. The loan can be used for any worthwhile personal purpose including a new car, holiday, home maintenance or maybe helping the grandchildren with their education.

The Senior’s Lifestyle Loan allows retirees to tap into the value of their property without having to sell it, whilst generating money to live on.

The Senior’s Lifestyle Loan is a ‘reverse mortgage’, aptly named because it works in the opposite way to a home loan. No repayments are required with the total interest, fees and charges being taken out of the estate on the borrower’s death or sale of the home if you decide to move. However, you can make voluntary repayments on the loan if you wish.

The amount you can borrow depends only on the age of the youngest borrower and the value of your property (the older you are, the more you can borrow).

If you feel that this type of loan could suit you or assist you with a better retirement life style please contact your local Southern Cross Credit Union branch for more details on our Senior’s Lifestyle Loan.

Terms and conditions, fees and charges may apply.