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)
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