(16/09/2022)
Reverse Mortgage NSW: Loan Scenario of the Week
Mr S (Age 69) and Mrs S (Age 68) live on their 5 acre property in Windsor. They wish to get a reverse mortgage to pay out their mortgage of $440,000, do property maintenance, and have a cash reserve for one off large expenses. Their property is valued at 2.8million dollars which means with the lender we best deem appropriate they have a borrowing capacity of $644,000. They have decided to take this full facility this will pay out their mortgage and leave them with a cash reserve of $204,000.00. With no children to leave their estate to and their only beneficiaries being distant relatives, the clients see this as a way for them to enjoy their hard work.
Reverse Mortgages NSW: Loan Scenario of the Week (23/09/22)
Learn the facts about Reverse Mortgages
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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...
