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Age sets the door, and the size of the door
Reverse mortgage eligibility starts with age. The minimum is 60 for private lenders. For the government's Home Equity Access Scheme, you need to have reached Age Pension age, which is 67. From there, the older you are, the larger the share of your home's value you can borrow.
If you are applying as a couple, lenders use the youngest borrower's age. It does not disqualify you. It adjusts how much you can access.
01
Private reverse mortgage (60+)
Available through private lenders if you, or the youngest borrower on the title, are aged 60 or older. No qualifying Centrelink payment required.
02
Home Equity Access Scheme (67+)
Government scheme for retirees aged 67 or older who receive the Age Pension or a qualifying Centrelink payment. Fortnightly payments only, no lump sum. See our Home Equity Access Scheme page for the full breakdown.
03
How borrowing power scales with age
Standard limits start at around 15% of property value at age 60 and rise by roughly 1% per year. For couples, the youngest borrower's age determines the maximum.
Age 60
Up to 15%
Age 65
Up to 20%
Age 70
Up to 25%
Age 80+
Up to 35%
*Indicative ranges; lenders vary. Couples are assessed on the youngest borrower's age.
Want a number for your situation?
The reverse mortgage calculator estimates how much equity you may be able to access based on your age and property value.
Use the reverse mortgage calculatorProperty and existing-mortgage criteria
Lenders look at your property's type, value, and location, and at any home loan currently secured against it. Stryve compares across 40+ lenders, so the four checks below have more flexibility than they would with any single lender.
Property type
Houses, townhouses, and most strata-titled units and apartments are accepted. Some lenders restrict small strata units, serviced apartments, and company-title dwellings. Our broader lender panel often finds a fit where a single lender would decline.
Property value
Most lenders set a minimum around $250,000. Some require $300,000 or more. The valuation is done by an independent valuer at the lender's expense as part of the application.
Location
Metropolitan and major regional areas are accepted across all lenders. Smaller regional towns and remote postcodes face restrictions that vary by lender. Rural acreages over about 50 hectares can also be limited at certain lenders.
Existing home loan
Yes, you can get a reverse mortgage with an existing mortgage. The reverse mortgage pays off your current home loan first, and the remaining equity is available to you. The criterion is whether enough equity remains after the existing loan is cleared.
A guarantee, by law
You can never owe more than your home is worth.
If your loan balance ever exceeds the sale price of your home, the lender absorbs the difference. Not you. Not your estate. Eligibility is assessed on today's valuation; the guarantee applies for the life of the loan no matter what the market does.
Mandated by the National Consumer Credit Protection Act 2009 (Cth) for all reverse mortgages entered into after 18 September 2012. Moneysmart (ASIC) confirms borrowers can never owe more than the market value of the property at the time of sale.
Private reverse mortgage vs HEAS: which pathway fits you
Your reverse mortgage eligibility opens one or both of these pathways. Under 67 or no qualifying Centrelink payment? A private reverse mortgage is your route. 67 or older and receiving the Age Pension or a qualifying payment? You may be eligible for both.
The right choice depends on how you want to access the funds. A lump sum favours a private lender, while fortnightly income payments suit the Home Equity Access Scheme. For the cost side of the comparison, see our current reverse mortgage rates page. The HEAS rate sits well below private lenders, but only for fortnightly payments.
| Services | Private reverse mortgage | HEAS (government scheme) |
|---|---|---|
| Minimum age: 60 | ||
| Minimum age: 67 (Age Pension age) | ||
| Centrelink qualifying payment required | ||
| Property must be primary residence | ||
| Lump sum available | ||
| Fortnightly income payments available | ||
| No negative equity guarantee | ||
| Interest rate set by government | ||
| Interest rate varies by lender |
Household planning
If someone else lives in your home
If someone lives in your property but isn't on the title, lenders will need their written consent as part of the application. It comes up most often with an adult child who moved back home, a carer, or a partner whose name was never added to the title. It is a planning point, not an obstacle, and most households resolve it in a single conversation with us.
Moneysmart (ASIC) recommends independent legal and financial advice in households like this. For how families typically handle the aged-care transition, see our aged-care funding guide.
Who needs to sign
Most commonAnyone living in the property who is not a registered owner. Most often it is an adult child who moved back home, a carer of many years, or a partner not named on the title.
What they're acknowledging
What's in the documentThat the property may need to be sold to repay the loan when you, the borrower, permanently leave the home, whether through sale, residential aged care, or passing away.
If you later move into aged care
Plan aheadThe loan becomes repayable after a set period, often 12 months. If a resident who is not on the title is still in the property at that point, the situation needs a plan worked out in advance.
Moneysmart (ASIC) recommends independent legal and financial advice in households like this. For how families typically handle the aged-care transition, see our aged-care funding guide.
Quick eligibility self-assessment
Run through these four checks. If you can tick all four, you are very likely eligible. Even if you are unsure about one, it is worth confirming. Stryve specialises in finding pathways for borrowers whose situations do not fit a standard template.
Age
You, or the youngest borrower on the title, are aged 60 or older for a private lender. For the HEAS, you are 67 or older and receive a qualifying Centrelink payment.
Property
You own a residential property in Australia that is your primary residence, valued at around $250,000 or more. Houses, townhouses, and most units qualify.
Title
You are named on the property title. If someone else lives with you but is not on the title, they will need to provide written consent as part of the process.
Existing mortgage
If you still have a home loan, it can be paid off from the reverse mortgage proceeds. The key requirement is that enough equity remains after the existing loan is cleared.
Keep exploring
reverse mortgages
Common questions about reverse mortgage eligibility
Think you qualify? Let's confirm it.
A free eligibility check takes minutes, not hours. You will speak with a reverse mortgage specialist who will assess your circumstances individually, not run you through a script.