Refinancing an existing mortgage

Retired and struggling to meet your regular monthly mortgage repayments?

If you’re over 55, a reverse mortgage could allow you to refinance your existing home loan removing the need to make regular ongoing mortgage repayments and freeing up cash for other purposes. For many over 55s who have transitioned to retirement, this can be a smarter and more flexible way to manage your finances.

By unlocking the equity in your home, you can pay out your existing loan and reduce ongoing financial pressure, all while continuing to live in the home you love.

Book a free consultation

What are the benefits?

Stop making regular repayments

Refinancing to a reverse mortgage means no mandatory monthly mortgage repayments helping ease financial pressure, especially as you transition into retirement.

Free up cash flow

With fewer financial commitments, you can redirect your money towards the things that matter most – whether that’s everyday living, travel, or peace of mind.

Access more than just a refinance

Depending on your age and property value, you may be able to unlock additional funds above what’s needed to pay out your existing loan.

Flexible, on your terms

You stay in control. Make voluntary repayments when it suits you, and if circumstances change, you may be able to redraw funds later.

A solution when repayments feel like a burden

If keeping up with your current mortgage is becoming difficult, a reverse mortgage can provide welcome relief without needing to sell your home.

Is this the right fit for me?

While refinancing from a traditional home loan to a reverse mortgage can provide much needed financial relief, it’s not for everyone.

If you can continue to comfortably pay off your existing mortgage with regular repayments and don’t require additional funds, a reverse mortgage may not make good financial sense.

Like any major financial decision, it’s important to weigh up the benefits and trade-offs based on your own situation and seek advice. If you currently receive a pension, we also recommend speaking to Centrelink or obtaining financial advice if you are unsure about this.

Customer Spotlights

Meet Graham and Jill*

Graham (74) and Jill (69) have spent many happy years in their home in Bateau Bay on the NSW Central Coast. It’s where they’ve built their life together, surrounded by a familiar community and the comfort of routine.

Like many retirees, rising living costs and increasing medical expenses had begun to take their toll. Although they had managed carefully over the years, the couple still carried a $160,000 mortgage along with lingering credit card debt, which was becoming difficult to manage.

In recent years, Graham’s health had declined. Worsening memory loss and depression created additional emotional strain, making stability and familiarity more important than ever.

How Inviva helped Jill

Jill, acting as Graham’s Power of Attorney, was determined to keep him at home. She knew how much comfort he found in his surroundings, especially in his workshop out the back, where he spends much of his time. It’s a place that brings him a sense of calm and continuity.

The thought of selling their home and leaving their local community was overwhelming. More than anything, Jill wanted to avoid adding further stress during an already difficult time.

Looking for a way to ease financial pressure without having to move, Graham and Jill approached Inviva to explore whether a reverse mortgage might be an option.

By accessing the equity in their home, they were able to pay out their existing mortgage and clear their credit card debt. They also secured some additional funds as a line of credit providing them with the flexibility to cover everyday expenses, medical costs, and essential home maintenance going forward.

With their debts taken care of and financial pressure significantly reduced, Graham and Jill were able to remain in the home they love. Most importantly, Graham could stay in the environment where he feels safe and comfortable — surrounded by familiarity, routine, and the small things that bring him a sense of purpose each day.

For Jill, releasing equity from their home wasn’t just about improving their financial position — it was about protecting Graham’s quality of life and giving their family peace of mind.

*Case studies and quotes are illustrative of and inspired by some of our customers’ experiences.

“We couldn’t imagine having to leave our home at this stage of life. Being able to stay here, where Graham feels most comfortable and secure, has made such a difference. It’s taken a huge weight off our shoulders and given us the peace of mind we really needed.”

Jill

Not sure if refinancing is right for you? Try our quick refinance health check.

Refinance Health Check

Smiling middle-aged man with short grey hair wearing a dark patterned polo shirt, arms crossed.

Why choose Inviva?

Expertise and support

Our team has years of experience and offers personalised support

Transparent costs

There are no hidden fees. You’ll know all costs upfront

Flexible options

Choose how you access the funds (as a lump sum, regular income payment or a line of credit) with the freedom to repay early with no early repayment fees

Quick access

Fast approval and disbursement mean you get funds when you need them

Explore how a home equity release loan with Inviva can help you enjoy a more secure and fulfilling retirement.

Apply Calculate my property value Request a call

Frequently Asked Questions

Can I use a Home Equity Release Loan to pay out my existing home loan?

Yes. Many homeowners aged 55 and over use a Home Equity Release Loan to refinance and pay out their existing mortgage. With Inviva’s home equity release loans, you are not required to make regular monthly repayments and this can improve cash flow during retirement. Please note, the amount you can borrow is government regulated and based on the value of the property and the age of the youngest borrower. You must be able to pay out the existing loan with the new loan, as Inviva will take first mortgage on the property.

What are the benefits of refinancing my mortgage with a home equity release loan?

If you are unable to keep up with your monthly repayments on your existing home loan, for instance if you are retired and no longer have a regular income, or you need additional funds for other needs, then releasing equity from your home could be the answer. By refinancing to a reverse mortgage, there are no ongoing monthly repayments helping to reduce financial pressure, improve retirement cash flow, and allow you to stay in the home and community you love.

Will I still own my home?

Yes. You remain the owner of your home and continue living in it as your principal residence. The loan is secured against your property, but ownership stays with you.

What happens to the loan in the future?

You can repay all or part of the loan at anytime, with no early repayment charges. If you wish to continue to live in the property, the loan will generally be repaid when the home is sold, or when the last remaining borrower moves out of the property or passes away. Any remaining equity after the loan balance and fees are repaid belongs to you or your estate.

Still have questions?

Call us on 1300 222 223, or get in touch via our website.

Free consultation

Free property valuation estimate