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Q&A

MyHomeStream generally buys 15-40% of a home.
The actual portion you decide to sell to MyHomeStream is entirely up to you. It will depend on how much cash you would like to do the things you wish and to live comfortably.
In any case, as majority owner of the property you will still have a substantial asset to leave to your beneficiaries, or sell at any time if you decide to downsize or move into a retirement village etc.

The exact amounts MyHomeStream will pay you and the final percentage of your home MyHomeStream will acquire will be clearly discussed and agreed with you during your discussions with your MyHomeStream consultant.
The actual portion MyHomeStream buys from you is calculated by reference to a fair market value appraisal by a registered, independent property valuer.

MyHomeStream will pay you in two ways:

  1. An agreed, up-front lump sum amount at the commencement of our contract, and
  2. By paying guaranteed monthly amounts into your nominated bank account on the 1st day of every month. These monthly payments will continue for the rest of your life (and your spouse’s life) – or until you decide to sell your home.

Yes, it’s entirely up to you. Our consultant will provide you with as many payment scenarios as you need.

Let’s say a husband and wife decide to sell a portion of their home to MyHomeStream. MyHomeStream would pay them their full monthly payments for as long as either of them are living. Or, if you have no spouse MyHomeStream will pay you for as long as you live.
Either way, should you ever choose to sell your home (which you are always free to do), MyHomeStream will continue to pay you your monthly payments until the property is actually sold.

We hope you do!
In any case, you will receive your guaranteed payments from MyHomeStream for as long as you (OR your spouse) is alive or until you sell your home. Remember, MyHomeStream’s interests are the same as yours i.e. to watch your property grow in value over the long term.

Yes. Your monthly payments will be increased every year by the amount clearly specified in your contract.

 MyHomeStream is never entitled to anything more than the fixed percentage you have agreed to sell us.

A one-off establishment fee of $1,490 is payable to MyHomeStream only after you agree to proceed and you have received your agreed lump sum payment.

No. Some people may choose to pay off debts such as their home loan or credit card. Others may choose to travel or help their kids or grandchildren financially. The choice is always yours.

You are always fully protected. In standard real estate sales contracts, if a purchaser fails to make a payment that is required of them under the contract, the contract is ended and the seller keeps the deposit. MyHomeStream contracts are identical in this respect. In the highly unlikely event MyHomeStream ever failed to pay you your monthly payment, you would be entitled to end your contract with MyHomeStream, keep every dollar MyHomeStream has paid you, and MyHomeStream would have no ownership in your property.

Yes. And you are entitled to 100% of any rental income earned from the property.

A reverse mortgage is a loan where the interest payable is added to your loan balance at the end of each month. As a result, you pay interest on your interest and your mortgage balance can increase quickly over time. This can significantly reduce the valuable equity you have in your property. Financial advisers call this ‘equity erosion’.
MyHomeStream is not a bank loan or debt of any kind. We pay you for agreeing to sell part of your home to us.

We just require the property to be kept in a reasonable condition

Yes! As your home grows in value over the years, the portion you still own may well be worth more than the entire value of your home today. This is good for you and your estate.

Whether or not you are receiving government benefits such as the aged pension or any type of allowance, it is very important that you get advice from a qualified financial professional before finalising the deal. We are happy to work alongside your financial adviser to ensure the best outcome is achieved for you.

We have a mechanism called Buy-Back in the contract that provides for exactly this circumstance. Your MyHomeStream consultant can give you all the details.