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)
Want to know if you qualify?
Check your eligibility in minutes and take the first step towards a more comfortable retirement.
Learn the facts about Reverse Mortgages
Other blog posts
-
Is the Government Changing the Age Pension for Homeowners?
Australian homeowners approaching or already in retirement may have seen headlines and online discussion suggesting the government could change how the Age Pension treats homeowners. For retirees who have spent decades paying off their family home, that kind of headline can understandably attract attention. But what is actually happening? As...... -
Can a Reverse Mortgage Help Fund a House Deposit?
For many Australian families, helping children or grandchildren enter the property market is becoming part of the broader retirement and estate-planning conversation. Parents may have spent decades building substantial equity in their family home while their adult children are trying to save enough for a property deposit. This creates an...... -
Younger Australians Considering Reverse Mortgages for Early Retirement
For many Australians, retirement planning has traditionally centred on superannuation, savings and eventually the Age Pension. But for homeowners approaching retirement with significant property equity, the family home may also be considered a potential source of retirement funding.. This may be particularly relevant to younger Australians approaching early retirement, including......
