For example, the portion of the website describing the amount of money that can be borrowed through their reverse mortgage does not dwell on expensive possibilities such as extended overseas vacations, but instead emphasises future financial needs that older individuals may face sooner rather than later, and which may require funding through the equity in their home, such as health needs, accommodation bonds for aged care facilities, estate planning, and Centrelink benefits. This is a level of responsibility not always seen in reverse mortgage providers and is entirely to their credit.

As another example, Mariner Retirement, unlike some reverse mortgage providers, allows the borrowers’ children or other people to move into the home, so long as the borrowers themselves also remain on the property.

Mariner Retirement offers a flexible financial product, with the option of variable or fixed interest rates, for a term of one to twenty years, or over the life of the loan. Although no mention is made on the website of funds being available as a lump sum, they can be accessed as either a steady income stream or as an available drawdown line of credit, ready if needed.

Currently Mariner Retirement’s minimum loan amount is $10,000. The LVR varies between 15% and 50%, depending upon the age of the borrower, from 60 years to 95. Up to 20% of the equity in the home can be protected against repayment of the loan as a legacy for one’s beneficiaries.

Mariner Retirement offers a portability option should the borrower move home; however, if the move involves a downsize, and the balance of the loan at the time of the move is greater than the maximum amount that can be borrowed on the new house, the difference must be repaid at that time.

Mariner Retirement requires the property to be revalued every five years, with a cost varying from $300 to $500 or more, depending upon the value of the home. The borrower must pay for the valuation whether the loan is actually taken or not. Future valuations through the life of the loan not only allow the borrower to keep tabs on the equity position, but also provides an opportunity to arrange for additional borrowing should it be desirable.

There are no ongoing loan fees nor an application fee. Through 31 March 2008, a special offer from Mariner Retirement waives the costs of legal, settlement, and documentation fees, a savings of more than $1,000 to the borrower.

Mariner Retirement is a member of Senior Australians Equity Release Association of Lenders (SEQUAL), with full adherence to their code of ethics and business practices, including a strong no negative equity guarantee. All prospective borrowers are required to obtain independent legal and financial advice prior to taking the loan.

Prospective borrowers should be aware that Mariner Retirement’s financial products are not available over all of Australia. Their availability in any particular area can be ascertained by calling 1300 009 963.