Checklist

Complete the checklist when deciding on an equity release/reverse mortgage product. If you have any questions or require further information, please call us at the Equity Release/Reverse Mortgage Information Service – 1800 615 676.

What You Need

- Do I really need the money?
- Do I want a lump sum or a regular income?
- Have I accurately established the amount of funds I require?

Options

- Have I investigated all options available?
- Have I looked at reverse mortgages, shared equity schemes, private loans, downsizing, and the Pension Loans Scheme?

Providers

- Have I shopped around and checked all providers?  
- Did I compare terms and conditions?
- Did I read the product information?
- Did I compare rates and costs?
- Did I compare product features?
- Did I consider no negative equity guarantees, or fixed and variable rates?
- Are the providers prudentially regulated and financially sound?

Impacts

- Do I need to check the impact on Government Income Support entitlements?
- Have I considered the cost of the loan compared to the potential future value of the property?
- Will it impact on my desire to leave a legacy to my beneficiaries?
- Do I want to protect any equity?

Advice and Information

- Have I sought legal advice?
- Do I need to update my will?
- Have I sought financial advice?
- Have I spoken to Centrelink or the Department of Veteran Affairs?
- Do I understand the product information?
- Have I read all documentation thoroughly?
- Do I understand the terms and conditions of my contract?

Rights and Obligations

- Will the loan restrict my future lifestyle choices such as renovations and aged care etc?
- Do I know what constitutes a breach of contract?
- Do I understand the disputes resolution procedure?

Still confused? Call NICRI on 1800 615 676