(23/11/2023)
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.
Reverse Mortgages NSW: Loan Scenario of the Week (01/12/2023)
Reverse Mortgages NSW: Loan Scenario of the Week (03/11/2023)
Other blog posts
-
How Does a Reverse Mortgage Work in Australia?
As Australians approach retirement, financial security becomes a key concern. Many retirees find themselves asset-rich but cash-poor, owning valuable properties but struggling with day-to-day expenses. One increasingly popular financial solution is a reverse mortgage. But how does a reverse mortgage work in Australia?... -
Learn the facts about Reverse Mortgages
When it comes to funding your retirement, you may be overlooking one of your most valuable financial assets. If you own your home, a Reverse Mortgage can unlock some of the value of your property as tax-free cash. A rise in house prices over time means that their home is... -
Bank of Mum and Dad & Reverse Mortgage a Tool for Intergenerational Wealth
The Bank of Mum and Dad is the 9th largest mortgage lender in Australia according to the Australian house and Urban Research Institute. 60% of first-home buyers have family support to buy their first home, up from 12% in 2010 according to the University of Newcastle. These factors combined with...
