Thinking About a Reverse Mortgage? Questions to Ask Your Broker First
A reverse mortgage is not something you want to rush into — and the quality of the advice you receive matters just as much as the product itself.
As your brokers, our role isn’t just to organise a loan. It’s to help you understand whether a reverse mortgage makes sense at all, how it would work in your situation, and how to avoid unnecessary risk.
These are some of the most important questions you should feel comfortable asking us before making any decision.
Is a Reverse Mortgage Actually the Right Option for Me?
This is the most important question of all.
A good broker should be willing to say “no” if another option would serve you better. The goal isn’t to place a loan — it’s to help you choose the right path.
How Does a Reverse Mortgage Compare to Selling My Home?
Ask us to walk you through both options side by side.
This includes the financial impact, lifestyle considerations, and long-term outcomes — not just short-term cash flow.
How Much Should I Borrow — Not Just How Much Can I Borrow?
Just because a lender is willing to offer a certain amount doesn’t mean it’s appropriate.
We can help you determine a borrowing level that supports your needs while preserving flexibility for the future.
What Will the Loan Balance Look Like Over Time?
You should always ask for long-term projections.
Understanding how the loan could grow over 5, 10, and 15 years is essential to making an informed decision.
What’s the Best Way to Access the Funds?
Lump sum, regular income, or line of credit?
Each option affects interest and flexibility differently. We can help structure the loan in a way that aligns with how you actually plan to use the funds.
What Are the Fees and Ongoing Costs?
Reverse mortgages can include establishment fees, ongoing fees, and exit costs.
You should understand every cost upfront — and how they affect the long-term outcome.
How Will This Affect My Future Options?
Ask how a reverse mortgage might impact:
- Downsizing later
- Moving into aged care
- Refinancing in the future
Good advice considers not just today, but what might come next.
What Are the Risks — and How Can They Be Managed?
Every financial decision comes with risk.
Ask us to clearly explain the risks and the strategies available to manage them — such as borrowing conservatively or using a line of credit.
How Will This Affect My Estate or Family?
This can be a sensitive topic, but it’s an important one.
We can help you understand the potential impact on inheritance and suggest ways to approach family conversations with clarity.
What Alternatives Should I Be Considering?
A reverse mortgage should rarely be the only option discussed.
Ask us to talk through alternatives such as selling, downsizing later, refinancing, government support, or family arrangements.
Why Work With a Broker Instead of Going Direct?
Not all reverse mortgages are created equal.
As brokers, we can compare options across lenders, explain differences in structure and cost, and help ensure the solution fits your situation — not just the lender’s criteria.
The Right Question Is Always “Does This Serve Me Long-Term?”
A good broker welcomes questions — especially the hard ones.
If you’re considering a reverse mortgage, asking the right questions is the first step to protecting your future.
Ready to Ask the Questions?
If you’d like to talk through your options and ask these questions in a pressure-free conversation, we’re here to help.
Book a Reverse Mortgage Strategy Conversation
Good decisions start with good questions — and the right advice.
