Using a reverse mortgage for aged care
Simplify care and enjoy more of what matters
Are you feeling overwhelmed trying to navigate aged care options? Finding yourself going down rabbit holes of information, unsure what’s right for you or your loved one? You’re definitely not alone – and the good news is, it doesn’t have to be this hard.
Whether you're planning ahead or need support right now, we’re here to help make the process simple, clear, and stress-free. From understanding your options to finding the right care, we’ll guide you every step of the way so you can feel confident and in control.
How it works
If you’re over 55 and own your home, a reverse mortgage lets you draw on some of the equity you’ve built up to pay for
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Home care
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Refundable Accommodation Deposit (RAD)
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Daily Accommodation Payment (DAP)
There are no required monthly repayments unless you choose to make them. Interest is added to the balance over time, and the loan is repaid later – usually when you sell your home, move into aged care or pass away. You stay in your home for as long as you like, without the pressure of juggling due dates or bank statements.
How can a reverse mortgage help?
A Reverse Mortgage could be a smart way to help fund aged care if:
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You’d love to keep the family home for those all-important memories
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Someone you care about is still living there, so selling just isn’t an option right now
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You like the idea of having the door open to move back home one day
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The property market isn’t great and selling now doesn’t feel right
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Your financial planner has suggested it as a way to ease cash flow and keep things manageable
It’s all about giving you more flexibility and peace of mind while you figure out the next chapter.
Why it helps
A reverse mortgage can do more than just help with aged care costs – it can give you room to breathe again. Instead of feeling pressured to sell the family home or juggle financial decisions all at once, you’ll have a flexible option that can help fund care while keeping things familiar and comfortable.
Many families tell us that once they explore this option, a weight lifts. Some gain peace of mind knowing their loved one can access the care they need without rushing big decisions, while others feel reassured having more time and choice about what comes next.
It’s a bit like hitting pause during a busy moment – suddenly things feel calmer, clearer, and much more manageable.
Pros and cons
When it comes to funding aged care, a reverse mortgage can take a lot of pressure off. It gives you access to funds without needing to sell the family home straight away, and there are no required monthly repayments. That means less stress, more flexibility, and the ability to focus on what really matters – getting the right care and keeping life as comfortable as possible.
Of course, it’s not a one-size-fits-all solution. Because you’re not making regular repayments, the interest builds up over time, which means the loan balance can grow. This can reduce the equity in your home down the track and may have an impact on your estate or certain government benefits. Repayment usually happens when the home is sold or when you move permanently into care, so it’s important to think ahead.
For many families, though, the peace of mind is worth it. Having more time, more choice, and less financial pressure can make a big difference during what can be an emotional transition. The key is understanding your options and choosing what feels right for you and your loved ones – with the right guidance, it can all feel a whole lot simpler.
Talking to family about it
Many clients worry about discussing debt with their adult children. We can help facilitate those conversations if you'd like, or provide clear information your family can review. Often, families are relieved to see a sensible plan in place and appreciate being included in the decision.
Why choose 808 Seniors Finance
We’ve been helping Australians simplify their finances through reverse mortgages for over 20 years. We understand that debt isn’t just about dollars – it’s about confidence and calm.
Our job is to make the process easy to understand, stress-free, and tailored to your needs. Whether you’re clearing old debts or just want a simpler way to manage your money, we’ll help you feel in control again – one step at a time.