Reverse Mortgages NSW: Loan Scenario of the Week
Joan (aged 71 ) and Alan (aged 69 ) have lived in their house on the Central Coast for 15 years. Recently they have drawn down the last $30,000.00 of their Superannuation. Their only income is the Centrelink Aged pension. Prior to drawing down the last superannuation money Alan had arranged to have a Centrelink pension advance. This means his current pension is slightly reduced whilst this advance is repaid from his pension.
The couple can live comfortably on their pension but are concerned that they may be caught out if they have unexpected expenses. In the past 2 months alone have seen them have some large expenses including a $4,000 veterinarian bill and a $3,500 in medical expenses.
They are doing a Reverse Mortgage to make sure that going forward they will have funds available for unexpected costs and to maintain their lifestyle. They would also like to undertake some travel whilst they are still healthy enough.
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They do not need the funds for regular ongoing expenses but for one off unexpected costs and discretionary expenses such as travel. This Reverse Mortgage provided Joan and Alan with the opportunity to have the holiday of a lifetime and total peace of mind about their financial future.
(Names, locations, amounts, & other personal details have been changed to protect the clients identity.)
Reverse Mortgages NSW: Loan Scenario of the Week (08/09/2023)
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