There are a number of reverse mortgage lenders, they can be split into two distinct groups; banks & non banks (credit unions). The difference between these two reverse mortgage providers is that credit unions first point of business is to focus on their memebers (customers), whereas a banks first point of focus is to to their shareholders. As such credit unions usually have lower fees and interest rates and in most cases are a better option than a big bank.

Reverse Mortgage Providers

Reverse Mortgage Bank Lenders

There are currently two banks which offer reverse mortgages, they are St. George Bank & Commonwealth. The St. George bank has two slightly different varions; senior access plus home loan & senior access home loan. There are a few slight differences in the rates of interest and annual fees for each of these products (you can view a full list of rates by clicking reverse mortgage interest rates).

The commonwealth bank have one product on the market called ‘Equity Unlock For Seniors’, which has a high maximum leverage rate of 40%.

Reverse Mortgage Non-Bank Lenders

There are currently four providers that are non-banks, they are; Transcomm Credit Union, Police department Employees Credit Union, Police & Nurses and Australian Seniors Finance Limited.

To find out what lender is right for you, we suggest filling out the form which can be found at the top of this page and we will send you an e-mail with the relevant information.