St George Seniors Access Home Loan

The St. George Seniors Access Home Loan allows retirees to use the equity in the house to live in more comfort once they have stopped working. As such, the loan has a few limitations on who can apply for it. For instance, you must be at least 63 years old.

Essentially, the Seniors Access loan is a reverse mortgage that lets you borrow on the equity that has accumulated on the property over the years even while the owners keep living in it. Typically, the homeowner may borrow amounts ranging from $10,000 to $250,000 depending on factors like the age of all residents, the value of the property, and location.

How these funds are used is up to the discretion of the homeowner. Often, they will be used to make new car purchases, take holidays, or make home improvements. Others just use the money as a form of supplementary income.

KEY BENEFITS

Keep in mind the following key benefits of the Seniors Access Home Loan:

Payment Flexibility

You can choose to either make voluntary payments when you want or defer the payments.

Interest and Fee Deferment

All interest, fees, and charges will be debited to the loan account at the close of each month. The payments will be deferred until the property sells or the borrowers do not live there anymore.

Payout Options

You can receive the funds from your Seniors Access loan in one of two ways: You can use the base Seniors Access Home Loan to receive a lump sum or you can use the Seniors Access Plus Home Loan to take money as needed.

100% Interest Offset

This loan allows you to use St. George’s Mortgage Equalizer a 100% interest offset account to help you save on interest by using the funds that are deposited into the Complete Freedom transaction account.