Reverse Mortgages
Clear Legal Advice to Help You Make a Confident Decision
Reverse mortgages can be a useful financial tool for older Australians looking to unlock the equity in their home, but they’re also a complex legal arrangement with long-term implications. At Kruse Legal, we provide straightforward, independent legal advice so you can understand your rights, obligations, and risks before proceeding.
Based in Blackwood, we’ve been advising individuals and families across the Adelaide Hills for more than 11 years. If you're considering a reverse mortgage, we're here to help you make a well-informed decision that aligns with your goals and circumstances.
What Is a Reverse Mortgage?
A reverse mortgage allows people aged 60 and over to borrow money against the value of their home, without having to sell it or make regular repayments. Instead, the loan (plus interest and fees) is typically repaid when the home is sold, often after the borrower passes away or moves into aged care.
While reverse mortgages can provide financial flexibility in retirement, they also come with risks that should be carefully considered.
Why Legal Advice Is Essential
Before entering into a reverse mortgage agreement, it’s important to understand:
✔ How the loan will affect your long-term financial position
✔ How compound interest works over time
✔ What happens if you need to move into aged care or sell the property
✔ Whether your family or beneficiaries could be impacted
✔ The terms of the lender’s loan agreement
We’ll guide you through the fine print, explain your options in plain English, and make sure your interests are protected.
How We Can Help
At Kruse Legal, we offer clear, practical legal advice on:
- Reverse mortgage agreements and loan documentation
- Risks and obligations associated with borrowing against your home
- Alternatives that may better suit your situation
- Independent legal advice certificates (often required by lenders)
- Family discussions or planning to ensure transparency
Local, Supportive Legal Guidance
We understand that decisions around finances, ageing, and family are deeply personal. You’ll deal directly with an experienced solicitor who listens, answers your questions, and takes the time to make sure you’re comfortable with every step.
As a small firm based in Blackwood, we’re proud to support retirees, seniors, and families throughout the Adelaide Hills with legal advice that’s down-to-earth and easy to understand.
Thinking about a reverse mortgage?
Let us help you make an informed decision. Call (08) 8278 1779 or contact us to arrange a friendly, confidential chat.
Reverse Mortgages – Frequently Asked Questions
Reverse mortgages are generally available to homeowners aged 60 or older. The amount you can borrow depends on your age, the value of your home, and the lender’s policies.
No. With a reverse mortgage, you remain the legal owner of your home. However, the loan must usually be repaid when you sell the property, move into aged care, or pass away.
Common risks include:
- Compound interest grows the loan significantly over time
- Reduced inheritance for your beneficiaries
- Limits on your ability to move or sell
- Possible impacts on pension or aged care eligibility
That’s why independent legal advice is so important before signing.
Yes. Most lenders require you to obtain an Independent Legal Advice Certificate to confirm you understand the agreement. At Kruse Legal, we provide these certificates after a full explanation of your rights and obligations.
Yes. Depending on your needs, you may wish to consider:
- Downsizing
- Government pension advances
- Family loans or financial assistance
- Home equity release schemes
We can talk you through the pros and cons of each option.
Possibly. The funds you receive from a reverse mortgage may affect your Centrelink entitlements depending on how they’re used. We recommend getting both legal and financial advice before making a decision.