(12/05/2023)
Reverse Mortgages NSW: Loan Scenario of the Week
Mr & Mrs Thompson live in their home on Sydney’s upper North Shore. They are both 83 years old. Mr & Mrs Thompson have an existing Reverse Mortgage and are looking to increase their credit limit to keep up with their changing needs.
Mr & Mrs Thompson rely on the Centrelink aged Pension for their income. They enjoy a good lifestyle and wish to continue to do so. The increased cost of living and the other repairs and maintenance of their property have used up the current Reverse Mortgage limit, and there are still more improvements to be done.
They have noticed a need to replace their bathroom floor. It has become very slippery, and as they are getting older they want to replace the bathroom floor and put in railing to make it accessible and safer for them to use.
They will also use the increase to pay down their credit cards. They are now approaching 84 and still expect to be downsizing from their property in 5 to 10 years so the increased loan facility they expect to get will enable them to meet their plans and objectives over this time.
If you would like to know more about how a Reverse Mortgage could help you, please call Raymond on 0438 184 784 or Nicholas on 0438 184 785 and we will be happy to see if a Reverse Mortgage is correct for you.
(Names, locations, amounts, & other personal details have been changed to protect the client’s identity.)
Reverse Mortgages NSW: Loan Scenario of the Week (26/05/2023)
Reverse Mortgages NSW: Loan Scenario of the Week (05/05/2023)
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