(03/11/2023)
Reverse Mortgages NSW: Loan Scenario of the Week
Bruce (aged 78) and his wife Cheryl (aged 76) have lived in their property in the Southern Highlands for over 50 years. They have a small overdraft secured by a first mortgage over the property. They want to tidy up the property to make it nicer to live in and have funds to maintain it in future.
Recently they have had several unusual expenses such as health costs, car repairs and a large vet bill This has got them behind financially and they just cannot seem to catch up on the Centrelink aged pension alone.
They are wanting to do a Reverse Mortgage to refinance the overdraft, put some money in their bank account for everyday living expenses, and then have a credit line for future expenses.
This has provided the couple with the freedom to enjoy their home and lifestyle without worrying about what they will do if the incur more unforeseen expenses.
(Names, locations, amounts, & other personal details have been changed to protect the client’s identity.)
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