(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)
Reverse Mortgages NSW: Loan Scenario of the Week (02/02/2024)
Other blog posts
-
Reverse Mortgage vs Home Equity Access Scheme: What’s Better in 2026?
As more Australians enter retirement with valuable property but limited cash flow, the need to access home equity has grown significantly. In 2026, two of the most popular options are: Reverse mortgages (private lenders) The Home Equity Access Scheme (HEAS) (Australian Government) Both allow you to unlock the value in...... -
Energy Rebates for Australian Seniors in 2025–26
With rising energy costs across Australia, many seniors are looking for ways to manage household expenses more effectively. In response, both federal and state governments—particularly in NSW—are offering a range of support measures designed to reduce energy bills. The energy rebates for Australian seniors in 2025–26 are an important form...... -
Comparing Reverse Mortgage Providers and Products in Australia (2026)
Reverse mortgages are becoming an increasingly popular option for older Australians who want to unlock the value of their homes without selling. As property values increase and retirement funding needs evolve, many homeowners are exploring reverse mortgage finance solutions to supplement income or fund lifestyle expenses....
