Do you need a lawyer for a reverse mortgage? Learn whether you need legal or financial advice before applying for your home equity release loan.
As with any major financial decision, we recommend that you consider obtaining independent, professional advice to determine if the loan is right for you. We also recommend that you discuss the loan with your family and any beneficiaries of your estate, as the loan is likely to reduce the amount of equity you retain in the property, which means there may be less equity remaining for the beneficiaries of your estate.
Depending on your circumstances, we may require you to obtain independent financial advice. If this is the case, we will discuss this with you during the application process.
When independent advice may be required
We require independent legal advice to be obtained prior to settlement. This helps confirm that you understand how the reverse mortgage works, the long-term impact on your home and estate and whether the loan aligns with your broader retirement plans. In some situations, independent financial advice may also be needed before proceeding. If this is the case, we will discuss this with you during the application process.
Is legal advice mandatory for a reverse mortgage?
Yes. Legal advice is mandatory for an Inviva home equity release loan or reverse mortgage.
Why should I talk to my family before taking out a reverse mortgage?
A reverse mortgage allows you to access equity in your home, which can reduce the amount of equity remaining in the property over time. Speaking with family members or beneficiaries helps ensure they understand how the loan may affect your estate and can help prevent confusion or concerns later on.
Can I apply for a reverse mortgage without a lawyer?
Yes, in many situations, you can apply for a reverse mortgage with Inviva without a lawyer. However, we require you to obtain independent legal advice before signing loan documents to ensure you understand how the reverse mortgage works, the long-term impact on your home and estate and whether the loan aligns with your broader retirement plans. Some people choose to seek independent legal or financial advice earlier in the process to better understand the long-term implications of the loan, including how it may affect their home, finances and estate over time. You can also use our Home Equity Release Calculator to get an estimate or get in touch with us for more information.