A Gateway Reverse Mortgage allows you to access the value in your property without having to sell it.
If you're over 65 a Gateway Reverse Mortgage allows you to access the value in your property without having to sell it or move out. Gateway's Reverse Mortgage provides the security of a No Negative Equity Guarantee ensuring you'll never owe more than your property is worth1.
Our Reverse Mortgage acts like a line of credit; you will receive an approved limit and can choose when and how you access your funds. Meaning you only pay interest on the money you use and you can access funds within your limit as you need them.
The total loan amount, including accumulated interest, is generally repayable when you move out of the property. Though, you can choose to make repayments at any time, reducing the balance and interest charged.
Our Reverse Mortgage can be used for a wide range of purposes, whether it be living costs, renovations, holidays, medical costs, refinance and/or debt consolidation.
- Flexibility to make drawdowns and repayments when needed
- Access your funds through Online Banking, Phone Banking, and a Visa Debit Card 2
- No annual fee or ongoing loan administration fee
- No minimum or maximum loan term
- Credit limit up to a maximum of $1,000,000 (minimum: $50,000)
- One-off settlement fee of $995, which includes application, legal and valuation fees 3,4,5