Homesafe Wealth Release® is a reverse mortgage alternative that is available to older Homeowners in Sydney and Melbourne subject to the following criteria*:
- Homeowners who are at least 60 years of age in Victoria, or at least 55 years of age in New South Wales (where at least one Homeowner in NSW is at least 60 years of age), at the date of Contract with Homesafe.
- Homes within eligible postcode areas. Homesafe currently covers approximately 90% of metropolitan Melbourne and Sydney postcodes.
- Homes that are:
- free-standing (eg one dwelling on the Title), OR
- if on a Strata Title, there are no more than 6 dwellings on the Title Plan AND all individual homes on the Plan are situated directly on the land.
(Please note that we are unable to assist you if you live in an apartment, high rise property, or if there are any properties on the Lot which do not ‘sit on the ground’)
- The property is the principal place of residence at the time of exchange of Contracts.
- The land value of the property is 60% or greater of the total market value of the home as determined by an Independent Homesafe Panel Valuer.
- Where all permanent residents in the home are shown as property owners (or have an interest) on the Certificate of Title or can be added as required.
- Homeowners with no debt on their Title or where all existing mortgages can be discharged before, or at the time Homesafe contracts with Homeowners.
Other considerations:
- Lump sums available from $25,000 to $1,000,000*
- The maximum share a Homeowner can sell is 65% of the future sale proceeds of the home.
- Homeowners can enter into additional contracts over time, up to a total share of 65%.
* Given the nature of the Homesafe transaction, terms, conditions and additional eligibility criteria must be met before Homesafe can transact with Customers.
