Legal Advice
Doing Things Differently but it's Business As Usual
A reverse mortgage is a home loan that lets over 60’s access part of the equity they have in their home. If they own their property outright they can borrow against the value of their home and receive funds in a variety of different forms, be it a lump sum of cash, a line of credit or a recurring monthly payment.
The difference with a conventional home loan, is that no monthly repayments are required. Interest will continue to accrue on the loan, but is compounded onto the loan amount monthly.
When you sell, move out, or die, the sale proceeds pay the balance of the loan, all interest, fees and charges.
Because of the nature of the loan, a borrower must usually see a lawyer to obtain legal advice on the effect of these reverse mortgages and the risks involved.
Subject to the lenders approval of electronic signing, we can undertake things entirely remotely. Alternatively, we can provide advice over video link and exchange the document by express post. As such, we can offer this service to reverse mortgage borrowers Queensland wide
1. Get your Documents
The lender will send you a number of loan documents in the mail (or increasingly by email) addressed to you as the borrower. Including special 'reverse mortgage' loan terms.
Once you have all those documents you need to read them yourself carefully.
Tip: Double check your documents to ensure the legal advice is a mandatory requirement. If not, getting the advice is your choice.
2. Contact Us
You need to get us a copy of all the documents so we can read over them before setting up an appointment to give you the advice you need.
That appointment normally takes around 30 minutes to 45 minutes and must be attended by you personally alone, either in person, by phone or by video conference.
Tip: Come ready to answer all the questions you might have on the reverse mortgages.
3. We provide your Certificate
After receiving our advice, if we consider you understand the nature and effect of a reverse mortgage, we’ll provide you with an independent solicitors advice certificate and you’ll be ready to provide that to the bank or other lender.
If you want to, and feel ready to, we will also witness you sign the the loan documents and the mortgage documents also.
If not, take some time to think things over first.
We can provide legal advice required by all of these lenders, and more……
So What does it all Cost?
Note: If your lender requires that you provide the contact details (email and mobile) for your lawyer in advance, please feel free to give us a quick call on 07 5391 0050 and we will gladly provide those details for you to give to the lender.
We offer a fixed price service, that is applicable to most lenders that offer reverse mortgages. It covers the provision of our legal advice, completing the legal advice certificate, and witnessing any further documents to be signed by you.
A fixed fee, inclusive of G.S.T for reviewing the loan documentation, providing the necessary legal advice to you and providing our advice certificate.
A fixed fee, inclusive of G.S.T for reviewing the loan documentation (same terms for each borrower), providing the necessary legal advice to each borrower separately, and providing our advice certificate.
If the loan or financial arrangements are particularly complex, involve multiple parties or require more than legal advice on the loan documentation, then we may need to provide you with an estimate of fees after receiving the loan documents and before we act for you, and give the legal advice.
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