Yes. You remain on the title of your home throughout the life of the loan. A reverse mortgage does not transfer ownership to the lender - it simply registers a mortgage against the property, in the same way a traditional home loan does. You continue to live in your home, make decisions about it, and benefit from any growth in its value.

No. All reverse mortgage products available in Australia carry a No Negative Equity Guarantee, which has been a legal requirement since 2012. This means that regardless of how the loan balance grows over time, you will never owe more than the value of your home at the time it is sold. Your home protects you, and your family will never be left with a debt to repay.

The amount you can access depends on two main factors: your age and your property's value. As a general guide, at age 70 you may be able to borrow up to around 30% of your home's value. The older you are, the higher the percentage you can typically access. RMV will walk you through the figures that apply to your specific situation during your consultation.

No. One of the defining features of a reverse mortgage is that no regular repayments are required. Interest is added to the loan balance over time, compounding as it goes. The total amount - the original loan plus accumulated interest - is repaid when the last borrower permanently leaves the property, typically through the sale of the home. It should be noted that part payments can be made at any time, if possible.

The loan is repaid when the last remaining borrower no longer lives in the property - whether due to moving into aged care, selling the home, or passing away. At that point, the home is typically sold and the proceeds used to repay the loan balance. Any equity remaining after repayment belongs to you or your estate.

The loan becomes repayable when the last borrower on the loan permanently leaves the property. If you have a partner who is also named on the loan, they may continue living in the home and the loan does not need to be repaid until they also leave permanently. Your estate will manage the repayment process, usually through the sale of the property. RMV will discuss the structure of the loan carefully with you to ensure your partner's situation is fully protected.

All reverse mortgage lenders organise a valuation on your property. Sometimes this is carried out by a valuer from electronic information. Other times, a valuer will arrange a visit to the property

A reverse mortgage is regarded as a home loan and covered by the 2009 National Consumer Credit Protection Act (NCCP). In addition, special projections regarding reverse mortgages were included by the 2012 Stage 2 of the same Act, especially life-time occupancy rights and the No Negative Equity Guarantee.

Reverse mortgages are available to homeowners aged 55 and over. Eligibility also depends on the type of property, its value, and whether it is your primary place of residence. Some lenders will also consider secondary properties or acreages. RMV will assess your eligibility across all six lenders in the Victorian market to identify the options available to you.

Yes, and in fact, this is one of the most common reasons people come to us. If you are carrying a mortgage into retirement and managing repayments on a fixed income is placing strain on your finances, refinancing into a reverse mortgage may be worth exploring. The proceeds from the reverse mortgage can be used to pay out your existing loan, removing the obligation of ongoing repayments.

Timelines vary depending on the lender and the complexity of your circumstances, but from the point of application through to settlement, clients should generally allow 6 - 8  weeks. RMV manages the application process on your behalf and keeps you informed at every stage.

Yes. Independent legal advice is a mandatory requirement for all borrowers once a reverse mortgage is approved. This is a consumer protection measure - not an obstacle - and it's a good opportunity to review related matters such as your will and enduring power of attorney. The RMV credit adviser will guide you through what to expect from the legal advice process before you reach that stage.

In most cases, it won't, but the answer depends on your individual circumstances, and your details matter. How you receive the funds (as a lump sum, an income stream, or a line of credit) and how you hold them afterwards can affect your position under Centrelink's asset and income tests. RMV has specialist knowledge of the Social Security Act and the relevant thresholds, and we will always model the pension implications for your situation as part of our advice. Centrelink makes the final determination on any payment assessment.

Potentially, depending on your circumstances - particularly whether you or your partner will continue living in the property after one of you enters care. The interaction between a reverse mortgage and aged care costs can be complex, and it's exactly the kind of question RMV addresses as part of our holistic approach to advice. RMV will walk you through the implications clearly and help you plan ahead with confidence.

Funds received through a reverse mortgage are not income - they are borrowed money - and are therefore generally not subject to income tax. However, how the funds are invested or used may have other financial implications. RMV will flag any considerations relevant to your situation and refer you to a licensed financial adviser where more specialist guidance is needed.

Family members cannot legally prevent you from taking out a reverse mortgage - it is your home and your decision. That said, it's natural for adult children to have questions or concerns, particularly around the impact on their future inheritance. Part of RMV's role is to have open, honest conversations with both clients and their families, so that everyone has the information they need to feel confident about the decision. We are happy to include family members in the consultation if you would like.

This depends on the size of the loan relative to the value of your home, how long the loan runs, and what happens to property values over time. RMV will always show you projections of how the loan balance may grow alongside your home's estimated value, so you can make an informed decision about how much equity to access and what you would like to preserve. Many clients find that a carefully structured reverse mortgage still leaves meaningful equity for their estate.

Yes. Reverse mortgages can generally be repaid at any time, though some lenders may apply early repayment fees depending on the product and timing. These will be explained as a repayment condition of any product RMV recommends before you commit.

Going directly to a lender means you see only their products - and lenders are not required to act in your best interests. As a reverse mortgage specialist broker with 23 years experience, RMV compares products across all six lenders in the Victorian reverse mortgage market and is legally bound by best interest duties. Our job is to find the right solution for you, not to sell you a particular product.  

No. The first meeting is completely free and carries no obligation whatsoever. The RMV team will learn all about your circumstances and advise if a reverse mortgage is suitable for your needs. If a reverse mortgage is not right for your situation, the adviser team will tell you - and there is nothing to pay.

Yes, the Reverse Mortgage Victoria team covers all of Victoria. If you decide to proceed with an application, an adviser can arrange to meet clients face-to-face across Greater Melbourne. If you are unsure whether your area is covered, feel free to get in touch and we will confirm.

That is entirely your decision, and there is no pressure at any stage of the process. Many people find it valuable simply to understand their options, even if they choose not to act on them now. RMV will always support you in making the decision that is right for you - whatever that turns out to be.