Reverse Mortgage: Unlock Your Home Value

Who Can Apply?

A Reverse Equity Mortgage can be taken out in the name of:

• Individuals aged 60 years or older.
• Family Trusts, provided the applicant permanently resides in the home.

Who is Not Eligible?

This type of loan is not available to:

• Overseas residents.
• Non-residents or New Zealand citizens currently living overseas.

Property & Security Requirements

To qualify, the loan must be:

• Secured by a registered first mortgage over a freehold residential property.
• Owner-occupied (not used as a rental or investment property).
• Located in an urban area with a population over 30,000 or within a reasonable distance from a major town or city.

Acceptable Property Locations

Reverse Equity Mortgages are typically available for properties in:

• Auckland – All Auckland suburbs.
• Hamilton – Including Cambridge (excluding Huntly).
• Hawke’s Bay – Napier, Hastings, and Havelock North.
• Wellington – Including Hutt Valley and up to Paraparaumu.
• Christchurch – Including Pegasus, Rangiora, Banks Peninsula, Burnham, Lincoln, West Melton, and Rolleston.
• Timaru – Including Ashburton and Oamaru.
• Queenstown – Including Arrowtown and Wanaka (excluding Gibbston, Glenorchy, and Cardrona).
• Cromwell – Including Alexandra.
• Invercargill – Including Riverton, Winton, and Te Anau.

Lifestyle Properties

Lifestyle properties may be accepted if they are within 30km of an urban centre with a population over 30,000.

Restricted Locations

Some regions, such as West Coast and Northland, may require special approval.

What a Reverse Equity Mortgage Cannot Be Used For

This type of loan is not available for:

• Properties that are rented out, sublet, or used as investment properties.
• Homes used for business purposes or leased to another person.
• Property development or construction, where loan repayment depends on selling the completed property.