Reverse Mortgages NSW: Loan Scenario of the Week
Althea (74) lives in her home in the Hunter Valley. She has been retired for some time and has just run out of super. She is surviving on the aged pension, but she is having trouble keeping up with the cost of living.
Althea has two credit cards one she owes approximately $8,000.00 and one with she owes approximately $4500.00. She is also owing on her council rates. She will clear all these debts with the reverse mortgage. She will then close the credit cards. She wants to have a cash reserve to continue maintaining his living costs including keeping the rates up to date.
As the house is quite old it needs some maintenance. Althea expresses her needs to paint the house and do some minor renovations to freshen the house up inside.
Althea is wanting to draw approximately $15,000.00 upfront and then wants a cash reserve. She will draw on this as needed. She feels this should be enough to see herself through until she either passes or goes into aged care. Althea is not concerned about protecting the equity in the property as she has no children. This loan has allowed Althea to continue living comfortably in the home she loves.
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(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 (02/02/2024)
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