Reverse mortgage eligibility in Australia
Find out who qualifies for a reverse mortgage based on your age, property, and circumstances. Here are the core reverse mortgage requirements at a glance: 1. Aged 60+ for private lenders, or 67+ for the Home Equity Access Scheme 2. You own residential property in Australia 3. The property is your primary residence 4. Your home meets minimum value thresholds (around $250,000+) 5. Any existing mortgage can be paid off from the [reverse mortgage](/services/reverse-mortgage) proceeds Not sure about your situation? Each section below covers the detail, or you can skip straight to the self-assessment checklist.
Age requirements: who qualifies by age
Reverse mortgage eligibility starts with age. The minimum age is 60 for private lenders. For the government's Home Equity Access Scheme, you need to have reached Age Pension age, which is 67.
If you are applying as a couple, lenders assess the loan based on the youngest borrower's age. This is called the youngest borrower rule. It does not disqualify you. It adjusts how much you can access.
Here is a concrete example. If one partner is 62 and the other is 68, the loan amount is calculated using age 62. You still qualify, but the percentage of your home's value available to you will be lower than if both partners were 68.
Borrowing power increases with age. According to Moneysmart (ASIC), borrowing limits are expressed as a percentage of the property value and increase with the borrower's age.
A 65-year-old might access 15 to 20 percent of their home's value. A 75-year-old might access 25 to 35 percent. At 85, the figure can reach 40 percent or more.
Both partners must be named on the property title for a couples application. The loan is not repaid until the last borrower permanently leaves the home, whether through sale, moving into aged care, or passing away.
Want a specific figure? You can check how much you could borrow using your age and property value.
Property and existing mortgage eligibility
Yes, you can get a reverse mortgage with an existing mortgage. The reverse mortgage pays off your current home loan first. The remaining equity is then available to you. If you still owe $80,000 on a home worth $600,000, the $80,000 is cleared at settlement and you access equity from what remains. For a full explanation, read more about getting a reverse mortgage with an existing home loan.
Reverse mortgage eligibility if you still owe on your home comes down to one question: is there enough equity left after the existing loan is repaid? If there is, you qualify on this criterion.
Houses, townhouses, and many units and apartments are accepted. Some lenders restrict strata-titled units under 50 square metres, serviced apartments, or dwellings with company title rather than strata title. Properties on large rural acreages over 50 hectares can also face restrictions with certain lenders.
Location matters too. Most metropolitan and major regional areas are accepted across all lenders. Smaller regional towns and remote postcodes face restrictions that vary by lender.
Most lenders require a minimum property value of around $250,000. Some set the bar at $300,000.
Because Stryve has access to over 40 lenders, we can often find a fit for properties that a single lender might decline. A broader lender panel means more options for your specific property.
Australian reverse mortgages include a no negative equity guarantee. As Moneysmart (ASIC) confirms, you will never owe more than the value of your home when it is sold.
Private reverse mortgage vs HEAS: which pathway fits you
Your reverse mortgage eligibility opens one or both of these pathways. If you are under 67 or do not receive a qualifying Centrelink payment, a private reverse mortgage is your route. If you are 67 or older and receive the Age Pension or a qualifying payment, you may be eligible for both. According to [Services Australia](https://www.servicesaustralia.gov.au/home-equity-access-scheme), the maximum HEAS loan amount is 150% of the maximum fortnightly pension rate per fortnight, and the total loan cannot exceed a set percentage of the property value based on age. 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](/services/reverse-mortgage/home-equity-access-scheme).
| 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 |
If someone lives with you but is not on the title
This comes up more often than people expect. An adult child who moved back home. A long-term carer. A partner whose name was never added to the title. If someone lives in your property but is not a registered owner, lenders will require their written consent before approving the loan.
The resident acknowledges that the property may need to be sold to repay the loan when you, the borrower, permanently leave the home. It is a formal document, and the resident should understand what they are agreeing to.
If you move into residential aged care, the loan becomes repayable after a set period, often 12 months. If a non-title resident is still living in the property at that point, the situation needs a plan. These are questions best answered before any paperwork is signed, not after.
Moneysmart (ASIC) advises that borrowers should seek independent legal and financial advice before entering a reverse mortgage. If your household includes non-title residents, independent advice alongside your Stryve consultation is especially worthwhile.
Bring this up in your first conversation with us. It is not an obstacle. It is a planning point.
Quick eligibility self-assessment
Run through these four criteria to check your reverse mortgage eligibility right now. If you can tick all four, you are very likely eligible. Even if you are unsure about one, it is worth checking. Stryve specialises in finding pathways for borrowers whose situations do not fit a standard template.
Frequently asked questions
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. Personalised, not processed.
Book a free eligibility check