Timothy (aged 82) and Karen (aged 73) live in their home in Western Sydney. They have a mortgage of approximately $215,000.00. The payments have increased considerably in the last few months as interest rates have risen. They, also have an arrangement with council as they have rates arrears. Timothy and Karen are looking at a Reverse Mortgage to be able to free up the cash flow currently used to pay the mortgage.
Timothy and Karen are not receiving the full Centrelink Aged pension. This is because they have received advances on their pension from Centrelink. These advances are never more than $1,000.00 and are repaid by Centrelink taking the repayments out of the pension payment. With the Reverse Mortgage in place, they will not require this in the future.
They are looking at an initial amount to refinance the mortgage and the rates. Then they want to have a credit line available to undertake some minor improvements (carpet replacement), painting and to upgrade their car which is getting quite old. They would then have some funds available for unexpected costs and one-off events that may occur in future.
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(Names, locations, amounts, & other personal details have been changed to protect the client’s identity.)
Reverse Mortgage: Loan Scenario of the Week (11/08/2023)
Reverse Mortgage NSW: Loan Scenario of the Week (28/07/2023)
