(19/01/2023)
Reverse Mortgages NSW: Loan Scenario of the Week
Graham (aged 77) has lived at his home in the Southern Highlands for 10 years. He is a widower living alone. He has no children, and his estate will be left to his nephews.
He lives within his means but has a couple of one-off expenses he wants a reverse mortgage to cover. Graham wants to go to Queensland for a festival/competition in 2024. He is also looking to replace his old car. Then he would like to have a credit line available for other one off or unexpected costs in the future.
Graham had some business troubles in the late 80s and due to client not paying fees he had to declare bankruptcy. This was over 20 years ago and was the only time in his life he had financial problems. Obviously he is now a discharged bankrupt and owns his own home. The lender does not care about this bit of financial history, as he does not need to be able to service regular payments and they have found that Graham has appropriate spending habits.
This loan has given Graham the option of doing what he wants to do and enjoying his life without the stress of worrying about paying for one off expenses.
(Names, locations, amounts, & other personal details have been changed to protect the client’s identity.)
If you would like to know more about how a Reverse Mortgage can help you achieve your lifestyle aspirations please call Raymond on 0438 184 784 or Nicholas on 0438 184 785.
Reverse Mortgages NSW: Loan Scenario of the Week (21/04/2023)
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