Gifting or Lending Money
Gifting or lending money from a Reverse Mortgage to family is an allowable purpose when accessing equity in your home or secondary property.
The lenders will have some extra requirements to make sure you understand any implications this may have n Centrelink entitlements like the pension.
CALL NOW 0438 184 784For pension calculation purposes, Centrelink treat loans and gifts differently. This difference in treatment may make a difference to you in the short or long term. We have a good understanding of how the different rules can affect you.
But care must be given to a number of considerations that may affect your future options.
- Borrowers should not access the maximum facility if it may prevent them from any future borrowing for their own needs.
- To help avoid future problems any gifting should be discussed with the other beneficiaries and family members.
- It may be appropriate to change your will to take into account the gift.
We will be able to discuss your current financial position and be able to recommend a structured reverse mortgage to be used for gifting. This structure may maintain your current pension payments or minimise any potential pension loss.
Reverse Mortgages NSW
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