Reverse Mortgages NSW: Loan Scenario of the Week
Austin (aged 79) and his wife Sandra (aged 82) have lived in their apartment in the Eastern suburbs since they bought it when it was completed back in 1971. They wish to stay in the apartment as long as possible.
They are looking to do a reverse mortgage to pay off 2 credit cards which have built up slowly over time to a combined debt of almost $25,000.00. They rely one Centrelink Aged Pension and a carers allowance received by Austin and Sandra for all their income. They just cannot get ahead and pay off the credit cards on this limited income.
They are then looking at having a credit limit of available funds. They want to update their kitchen and bathroom and paint the unit. They may also travel to the United Kingdom again as that is where Sandra
was born. They also want to have funds available for possible future medical expenses or in home aged care costs.
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On their current living costs, they do not really need extra funds for day to day costs and feel if they can pay out the credit cards with the reverse mortgage, they will have enough funds for ordinary living. The loan is for one off costs, some of which are discretionary. As they age further they may need care in home which could increase their living costs. The reverse mortgage will give them security for their future.
They have one child that is doing very well. He is not with his inheritance and wants to make sure they can stay in their home as long as they are capable and they enjoy themselves as much as possible. This reverse mortgage has provided them with the ability to do exactly that
Reverse Mortgages NSW: Loan Scenario of the Week (19/01/2023)
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