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Alternative To Reverse Mortgage

The Truth About The Bridgit Alternative to Reverse Mortgage

If you’re an older homeowner looking to downsize or rightsize your home, you may have considered looking for an alternative to reverse mortgage loan.

While reverse mortgages seem ideal on paper as housing finance for retirees, they can significantly reduce your home equity over time, affecting what you get when you move out or what you leave for others when you die.

At Bridgit, we understand the complexities of property finance choices for retirees. We’re here to help you make informed decisions about your home equity and how a bridging loan may be just what you’re looking for.

What is a reverse mortgage?

Reverse mortgages are short-term loans secured against property that allow individuals aged sixty or older to turn home equity into non-taxable funds. It’s also suitable for individuals with a lot of home equity options but limited cash reserves, as a reverse mortgage allows them to stay in their home and still receive the funds they need.

With a reverse mortgage, the homeowner does not have to make repayments while living in the home. The mortgage is fully repaid, including interest and fees, when the homeowner sells the house, moves out, or passes away.

Among the drawbacks of reverse mortgages is that they typically carry higher interest rates than standard home loans. They can also limit future home loan options or property equity choices, as the loan must be repaid upon death or moving out.

Homeowners should consider the long-term financial impact of short-term mortgages like this and consider an alternative to reverse mortgage loans instead. To that end, Bridgit is here to offer loan alternatives in the form of bridging loans so that you have choices when it comes to alternative mortgage plans.

Disclaimer: Unless otherwise specified, the opinions expressed in this article are strictly for general informational purposes only and should not be taken as financial advice or recommendations. Any views are subject to change without notice at any time.
Owner-occupied
Investor

Bridgit Bridging Loans

Buy now, sell later

Set-up fee from 0.79%
Up to 24-month loan term
Min $300K, max $10M
Up to 80% LVR
No monthly repayments
24 hour approval

Bridge Rate from

7.74% p.a.

i

Stay Rate1 from

7.04% p.a.

i
After the existing properties are sold and there is the residual loan balance remaining, the Stay Rate1 is applied.
All rates are variable.
We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
Comparison Rate^ from
All rates are variable

7.17% p.a.

i
No monthly repayments
Set-up fee from 0.79%
Min $300K, max $8M

Variable Bridge Rate

We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
i

8.24

%
p.a.
Comparison rate^

8.33

%
p.a.
Apply now
Learn more about the Bridgit Loan

Bridgit Bridging Loans

Buy now, sell later

No monthly repayments
Set-up fee from 0.79%
Min $300K, max $8M

Variable Bridge Rate

We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
i

8.74

%
p.a.
Comparison rate^

8.84

%
p.a.
Set-up fee from 0.79%
Up to 24-month loan term
Min $300K, max $10M
Up to 80% LVR
No monthly repayments

Bridge Rate from

8.24% p.a.

i

Stay Rate1 from

7.54% p.a.

i
Comparison Rate^ from
All rates are variable

7.67% p.a.

After the existing properties are sold and there is the residual loan balance remaining, the Stay Rate1 is applied.
All rates are variable.
We offer an introductory rate for the introductory period of the loan term which includes a 1% discount.
i
Apply now
Learn more about our rates

Get 24 hour approval

Apply nowSchedule a call

Why buy before you sell with Bridgit?

No income verification

We assess loans based on property equity and asset position.

No monthly repayments

No monthly repayments or fees for the duration of the loan term

No double mortages

We’ll pay your existing mortgage, so you don’t have to worry about two mortgages at once.

Save on temporary living

Move into your home sooner and avoid short-term rental, storage and moving costs.

No missed opportunities

Don’t miss out because of slow processes, unlock your property equity in 24 hours.

Apply nowSchedule a call

Trusted by customers
who Bridgit

Customer Service at its best.

Everyone I dealt with at Bridgit was helpful and responsive. Candice (BDM) checked in with me regularly to make sure everything was going smoothly and Andrew kept me in the loop. I recommend Bridgit highly.
- Sue Farnham

Going above and beyond for results

The priority that was placed on this file and constant updates was truly appreciated. Thank you for using common sense and finding a solution for our client’s needs on an oddly zoned security.
- Nicole Fox

Great Team

During the stressful times of obtaining Finance, the BRIDGIT Team came to thefore. We are most grateful for their advice and support.
- MTW

The team at Bridgit were remarkably talented

The team at Bridgit were remarkably talented and understands the pressing issues the situation demands. I cannot thank them enough for stepping up to a life saving situation for customers.
- Jehan Fernando

We are so happy we chose Bridgit

We are so happy we chose Bridgit over a bank. Tom, George and Ken assisted us all the way. They explained everything and made the process easy and stress free. We cannot recommend Bridgit highly enough.
- Felicity F

Definitely worth a try

If you're thinking about getting a bridging loan I'd recommend giving Bridgit a try. I found Bridgit to be way more efficient than the big banks. The communication was great too.
- Michael
Trustpilot

Get 24 hour approval with Bridgit

01

Submit application

Apply online and receive 24 hour approval. Tell us some details about yourself and see how much you can borrow.

02

Accept the offer

Accept your loan offer by making a small upfront deposit and progress your application to the next stage.

03

Purchase your property

Once we’ve valued the property and completed final verifications, sign the documents and you are on your way to settlement in as little as 48hrs*.

*Subject to the loan scenario and outgoing lender processes onrefinance (if applicable).

04

Sell

Sell your existing property and pay down your Bridgit loan. No rush, you have up to 24 months.

Apply NowSchedule a call
The Truth About The Bridgit Alternative to Reverse Mortgage

If you’re an older homeowner looking to downsize or rightsize your home, you may have considered looking for an alternative to reverse mortgage loan.

While reverse mortgages seem ideal on paper as housing finance for retirees, they can significantly reduce your home equity over time, affecting what you get when you move out or what you leave for others when you die.

At Bridgit, we understand the complexities of property finance choices for retirees. We’re here to help you make informed decisions about your home equity and how a bridging loan may be just what you’re looking for.

What is a reverse mortgage?

Reverse mortgages are short-term loans secured against property that allow individuals aged sixty or older to turn home equity into non-taxable funds. It’s also suitable for individuals with a lot of home equity options but limited cash reserves, as a reverse mortgage allows them to stay in their home and still receive the funds they need.

With a reverse mortgage, the homeowner does not have to make repayments while living in the home. The mortgage is fully repaid, including interest and fees, when the homeowner sells the house, moves out, or passes away.

Among the drawbacks of reverse mortgages is that they typically carry higher interest rates than standard home loans. They can also limit future home loan options or property equity choices, as the loan must be repaid upon death or moving out.

Homeowners should consider the long-term financial impact of short-term mortgages like this and consider an alternative to reverse mortgage loans instead. To that end, Bridgit is here to offer loan alternatives in the form of bridging loans so that you have choices when it comes to alternative mortgage plans.

Disclaimer: Unless otherwise specified, the opinions expressed in this article are strictly for general informational purposes only and should not be taken as financial advice or recommendations. Any views are subject to change without notice at any time.

Bridging essentials

What is Bridging Finance & How does it work?
Is a type of bridge finance?
Who owns bridging finance?
What is bridging finance Australia?
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Disclaimer
‍
Eligibility and approval is subject to standard credit assessment and not all amounts, term lengths or rates will be available to all applicants. Fees, terms and conditions apply.

1 The Stay Rate will only apply if a repayment is made from the sale of Outgoing Properties (or another repayment method approved by us, at our discretion) and the repayment reduces the Amount You Owe to an amount that is equal to or less than your Residual Loan Balance.
‍
^Comparison rate is calculated on a $150,000 secured loan over a 25-year term. For Upsizer loans, a Bridge Rate applies for the first 12 months, followed by a Stay Rate thereafter. For Downsizer loans, only the Bridge Rate applies. WARNING: This comparison rate is true only for the example provided and may not include all fees and charges. Different loan amounts, terms, or fee structures will result in different comparison rates. For interest-only periods, your loan balance does not reduce, meaning you may pay more interest over the life of the loan. Set-up fee from 0.79% and government charges apply.