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Revamped scheme for pensioners to access equity in their own home

Millsy & Karl
Article image for Revamped scheme for pensioners to access equity in their own home

A revamped “reverse mortgage” scheme allowing pensioners to access the equity in their own home will be rolled out by the federal government.

The Home Equity Access Scheme will be accessible to anyone over the pension age, including self-funded retirees, from January 1 next year.

Minister for Families and Social Services Anne Ruston said it was about improving retirement standards.

“People can apply to be able to get up to 150 per cent of the equivalent of the age pension,” the minister said on 6PR Breakfast.

“They can do it either by getting a fortnightly payment, or they can get up to 50 per cent of the age pension in two lump-sum payments throughout out the year.”

A debt will then incurred against the property

“It is a reverse mortgage … but a couple of things worth pointing out here,” Mr Ruston said.

“One is, in July we moved to put in a no negative equity guarantee … so there is no circumstance by which the amount that is the debt that can be accumulated against this particular product can ever exceed the value of your property.”

Press PLAY to hear the full interview below 

Image: iStock by Getty

Millsy & Karl
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