Australia National Credit Code (Schedule 1 to the National Consumer Credit Protection Act 2009) s86A-86F: Reverse mortgages: once the adjusted market value is received the debt and mortgage are discharged, any excess is paid to the debtor, and no further payment is demanded or accepted

Where a reverse mortgage debtor's accrued liability exceeds the adjusted market value of the property (market value worked out and adjusted under the regulations) and the credit provider receives at least that value, whether as a payment from the debtor or as sale proceeds, the debtor's obligations and the mortgage are discharged by force of the Code, the provider must pay the debtor any excess received over the adjusted market value, and must not require or accept any further payment under the contract. The protection is lost where the debtor engaged in fraud or misrepresentation relating to the reverse mortgage, or in prescribed circumstances, and in those cases s 93A requires any default notice to state the amount received, the prior accrued liability and the s 86E condition met, with a copy to any known lawyer. The court may order compensation for breaches under s 124.