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Equity release in retirement covers reverse mortgages (8.5u201310.5% compound), the government Home Equity Access Scheme (3.95%), downsizing, and standard equity top-ups. The right choice depends on age, pension status, income, and long-term estate planning goals.
The Home Equity Access Scheme (HEAS) at 3.95% compound is the lowest-cost option and should be the first consideration for eligible age pensioners before turning to commercial reverse mortgages at 8.5u201310.5%.
Sometimes. Some lenders will allow a reverse mortgage if the existing loan balance is small enough that the reverse mortgage proceeds can pay it out. Specialist reverse mortgage brokers can advise.
Yes. Cash accessed is assessed as a financial asset and can affect your aged care means test. Obtain aged care financial advice before proceeding.
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