Reverse Mortgages NSW: Loan Scenario of the Week

Andrew (aged 78) is a widow who lives alone in the Central West region.  The property is very close to Lithgow and will likely be developed and subdivided in the next 10 to 20 years.

The property is an acreage property and we checked with our lender which would consider this property as suitable security before we organised the loan application.

Andrew relies on his superannuation for his income which is received as an allocated pension of approximately $30,000.00 per annum paid fortnightly.  Andrew cannot get the aged care pension because of his superannuation assets and income, and because of the size and value of his property.

Andrew is looking to do a reverse mortgage to make sure he has funds to maintain his property and stay living there. He also wants to have a cash reserve because he may need to help his daughter who he is going through a separation from her partner.

Andrews son and only other child is aware that Andrew may help his sister. Andrew wants to stay in his home as long as possible and be able to help his children if they need it.  The Reverse Mortgage will allow him to meet these goals.