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Alternatives to Reverse Mortgage

Discover Bridgit’s Fast and Simple Alternatives To Reverse Mortgage

Feeling trapped and needing alternatives to reverse mortgage options? Many homeowners find themselves locked into rigid financial structures, limiting their options. Bridgit understands this struggle. We’re here to shed light on flexible alternatives to reverse mortgages to help you overcome financial constraints.

Let’s explore how Bridgit paves the way for smart financial alternatives to reverse mortgage options.

Reverse Mortgages and Their Alternatives

Pros and Cons of Reverse Mortgages

Reverse mortgages offer a way for homeowners to access their home equity, converting it into additional income without the need to make regular mortgage repayment plans. This option can be a lifesaver in securing retirement funds, allowing homeowners to stay in their homes, and paying off existing short term home loans.

However, reverse mortgage options can be costly, and the risk of foreclosure is high if homeowners struggle with ongoing property costs. As the loan balance grows, so does the impact on the homeowner’s equity. What’s more, reverse mortgages are typically only for people aged 60 and above.

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
Investment

Residential Bridging Loan

Buy now, sell later

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

8.24

%
p.a.

Variable 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

8.33

%
p.a.
Comparison rate
Apply now
Up to 12 month loan term
Up to 80% LVR
Downsizers, upsizers, retirees

Residential Bridging Loan

Buy now, sell later

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

8.74

%
p.a.

Variable 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

8.84

%
p.a.
Comparison rate
Apply now
Up to 12 month loan term
Up to 80% LVR
Downsizers, upsizers, retirees
The Bridgit Loan Calculator

Buy now, sell later

$
$
$
$
Buy new property
(less contribution)
$800,000
Existing
mortgage
$500,000
Sell existing
property
$2,000,000
Your estimated loan calculation
Estimated principal amount
$1,300,000
Your cash after sale
$700,000
Estimated principal amount
$1,300,000
(LVR 43%)
Based on the information provided your Loan to Value Ratio (LVR) may be too high. To help you we require some additional information; feel free to get a quote or schedule a call with our team.
Get a quote

Please submit an application or quote to receive a detailed breakdown of your loan amount.

Get 24 hour approval

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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
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

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

*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 12 months.

Apply NowSchedule a call
Frequently Asked Questions (FAQ)

What are alternatives to reverse mortgages?

The alternatives to reverse mortgage options are varied and cater to different financial needs.

Bridgit provides bridging loans as alternative home loan options, offering tailored financing solutions for seniors who are looking to take their next property step. Our loans allow you to buy a new home before you have sold your current property. It also allows you to convert equity that you currently own in a property to funds, allowing you to access more liquidity.

Moreover, our financial model is designed with your interests in mind, with no monthly repayments and a straightforward set-up fee. This doesn’t just let you save on temporary living and storage costs; it also spares you the burden of juggling double mortgages as we manage your existing mortgage payments.

How does downsizing to a smaller home serve as an alternative to a reverse mortgage?

Downsizing to smaller homes can be a strategic alternative to reverse mortgage solutions, and Bridgit can support this strategy. We enable homeowners to utilise their existing equity to buy a new home before they have sold.

At Bridgit, we revolutionise the home buying experience for Australians. We offer a unique opportunity to remove the traditional barriers you might face when selling your home before buying again. This includes avoiding hidden costs associated with temporary living, never being out of the property market and the ability to jump on property opportunities.

Our innovative approach combines cutting-edge technology to streamline the lending requirements for home purchase process, providing a hassle-free customer experience.

With a quick application process taking just five to ten minutes and the possibility of 24-hour approval, we streamline your journey to your new home. Settlement for these alternatives to reverse mortgage options can occur in as little as a few days.

Are there private financing options for seniors looking to tap into home equity without a reverse mortgage?

Yes, there are several private financing options available for seniors aiming to access their home equity without opting for a reverse mortgage. These include reverse mortgage alternatives like bridging loans, which are specifically designed to meet the unique financial needs of older homeowners.

Bridgit offers bridging loans that provide seniors with flexible, tailor-made property financing options to buy their next home. It’s crucial to evaluate these flexible home loan options carefully, considering the financial situation and long-term goal, to choose the most beneficial and suitable financial path.

Bridgit: Empowering Homeownership Dreams

In the heart of Australia’s bustling property market, Bridgit provides an innovative approach to your next property purchase, leveraging technology to make it simple for you to buy before you sell. Created in 2021, Bridgit addresses the critical gap in the market for specialised bridging loans.

Our core mission is to empower Aussies with a transformative short term loan against property option. With this, we want to enable homeowners to purchase their dream homes without the pressure of selling first. At Bridgit, we’re not just lenders; we’re pioneers in short term lending who are here to support you, using cutting-edge technology to streamline the short term home loan process.

This ‘tech first’ approach results in quick decisions, lightening the load and focusing on what truly matters – supporting homeowners on their journey and next property step. Bridgit’s dedication to providing these essential services aligns perfectly with the needs of today’s dynamic homeowners.

We’re not just about speed or providing alternatives to reverse mortgage options; we’re about creating real opportunities for Australians to progress in life. Get your dream home with Bridgit!

Bridging essentials

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Aussie based crew

We’re here to help, if you have any questions get in touch.

Weekdays 9am – 5:30pm

1300 141 161
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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.
‍
^Comparison rate is calculated on a $150,000 secured loan over a 25-year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates. Comparison rates for interest only loans will not reduce your loan balance. This may mean you pay more interest over the life of the loan. Bridging Loan set up fee is from 0.79% and government charges apply.