Inviva requires that you get independent advice from a lawyer before entering the loan contract, to ensure that you understand the contract, and your rights and obligations associated with it.  It is your responsibility to pay for this legal advice.

We recommend that you speak with Centrelink or relevant government agencies before taking out a reverse mortgage, as the loan may impact your eligibility for a pension or other benefit entitlements.  For example, if you elect to take your loan, or part of it, as a regular income payment but save that income rather than spending it, those savings may count towards the ‘income test’ (and assets test) for pension eligibility.

We recommend that you discuss the loan with your family and other beneficiaries, as taking out a reverse mortgage is likely to reduce the amount of equity you retain in your property, which means there may be less equity remaining to the beneficiaries of your estate.

We also recommend that you obtain independent financial advice before taking out a loan, to help you understand how the loan will impact your longer-term lifestyle and financial needs and goals.