While this may be helpful to some. Most will come a cropper. Please get specialist independent legal/mortgage broking advice before you do anything?
How do others members feel about this?
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I am reminded by our community conversations this week that this topic has caused a lot of distress to many people who have taken out this type of mortgage, when they were first offered it some twenty years ago in Australia and New Zealand.
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In fairness to Heartland, I attach a link for our community to make up your own mind.
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Our neighbour’s friend in her 70"s took out a reverse mortgage and then apparently used it to go on holiday. Not sure how that can happen but is now renting and regrets doing it.
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