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Loan Scenario of the Week: Michelle and Anthony
Michelle and her husband had a very successful business on the North Shore that was adversely affected by Anthony’s dementia, and then Covid-19. She had to close the business as it could not be sold.
Recent blog posts
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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... -
What is a Reverse Mortgage?
A Reverse Mortgage is a home loan available to homeowners over 55. That does not require regular repayment. Your borrowing capacity is determined by your age, so at 55 years old a borrower can borrow up to 15% of the total value of their property. This amount you can borrow... -
Reverse Mortgage and Age Pension Entitlements
Many older Australians value their age pension payments. For the majority of recipients, the use of a reverse mortgage will have no effect on current entitlements. Each age pension recipient is assessed on both their assets and income to determine their pension payment.... -
Reverse Mortgages and Gifting
The Bank of Mum and Dad has become a major source of funding for younger home-owners, either wanting to get into home ownership, or having financial assistance in meeting increased home loan repayments. When Mum and Dad reach retirement age, often their home becomes their greatest asset and Reverse Mortgage borrowing... -
Reverse Mortgages NSW: Loan Scenario of the Week (07/07/2023)
Janette (aged 83) lives in her home in Sydneys Inner West. Her husband died several years ago, and she only has one son, Patrick. Janette has around $200,000.00 in savings and shares. She relied on the pension for her income and receives a small amount of interest and dividends from her investments....
