Inviva offers home equity release loans for homeowners aged 55 and over, allowing them to access funds for retirement living, aged care, or home modifications. This financial product provides flexible drawdown options with no requirement for regular principal or interest repayments until the property is sold.
Funding
Funding not disclosed
Founders
Product
Problem
Homeowners aged 55 and over often face challenges accessing funds for retirement living expenses, aged care, home modifications, or to assist family members. Traditional lending options may not be suitable due to income requirements or the need for immediate repayment.
Solution
Inviva provides a home equity release loan, a form of reverse mortgage, designed for individuals aged 55 and above. This financial product allows homeowners to unlock the equity in their property without needing to sell or move. The funds can be utilized for a variety of purposes, including covering aged care costs, funding home renovations, consolidating debt, or providing financial support to family. The loan structure defers principal and interest repayments until the property is sold or the last borrower permanently vacates the home, offering financial flexibility during retirement.
Target Audience
The primary target audience is homeowners aged 55 and over who wish to access their home equity for retirement living, aged care, home improvements, or to support family members.
Features
- Home equity release loans available for individuals aged 55 and over.
- Loan amounts range from $50,000 up to $3,000,000, based on age and property value.
- Flexible drawdown options: lump sum, line of credit, or regular monthly payments.
- No requirement for regular principal or interest repayments; interest capitalizes over time.
- Lifetime occupancy guarantee, allowing borrowers to remain in their home.
- No negative equity guarantee, ensuring the loan balance never exceeds the property's market value.
- Loan establishment fee of $995, covering standard valuation and documentation.
- Variable interest rate of 8.45% (comparison rate 8.48%).
- No ongoing monthly fees; a discharge administration fee of $450 applies upon loan settlement.
- Option to make voluntary repayments at any time, with the ability to redraw funds.
- Independent legal advice is required before loan settlement.