Reverse Mortgages NSW: Loan Scenario of the Week

Mr and Mrs N have lived in their house in the Sutherland Shire for over 40 years. Unfortunately, Mrs N has recently been diagnosed with dementia and has taken a steep decline in her mental state. This has meant that she can no longer stay at home and has gone into Aged Care. Mrs N’s pension is now going to her aged care costs, but there is still a shortfall in the payments. Mr N is also having trouble paying his own living costs and maintaining their house. Mr N is still in perfect health and wants to live in their family home for as long as possible. They have received financial advice from an Aged Care Finance Specialist and a Reverse Mortgage has been identified as the best option.

To pay the Mrs N’s accommodation costs and ensure that Mr N has enough money to survive, they have opted to take out a Reverse Mortgage facility of $250,000.00. This has been set up to release $3000 per month for 5 years to pay Mrs N’s accommodation costs and supplement Mr N’s cost of living. They have also set up a cash reserve of $70,000 this is in case Mr N has any surprise expenses.

This Reverse Mortgage has achieved a great outcome for the family. It has ensured that Mrs N receives the proper care she needs. It has provided Mr N a great amount of relief as he knows his wife is being taken care of and he has eliminated his financial worries. It has also provided relief to their children who signed the Reverse Mortgage as their mother’s power of attorneys now do not need to worry about their parents financial situation.

Reverse Mortgages NSW: Loan Scenario of the Week (11/11/2022)

Reverse Mortgages NSW: Loan Scenario of the Week (07/10/2022)