Reverse Mortgages NSW: Loan Scenario of the Week
Mr J lives on his property in the Hawkesbury Region. The property is unencumbered. He purchased the property in March this year. The property is 11 acres in size and valued at $1.7 million. At his age this means he can borrow up to $442,000 or 26% of the property value.
Record rainfall earlier this year has meant that Mr J has had to spend most of his savings on repairing and upgrading the drainage and driveways to his property. Mr J wants $100,000 of the Reverse Mortgage to weather proof his driveway, put more drainage in around his house, and put up a shed on his property. Then have $100,000 extra funds for unexpected events, a new car and, some possible travel.
Mr J receives a full aged pension after closing his building and landscaping business late last year.
This loan is not for income supplementation or to pay regular expenses it is for improvements and one off discretionary or unexpected costs. If it was not for the record breaking rains and the havoc they caused on his property, he would have been able to use his savings for his new car and holidays.
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This loan has provided Mr J great relief and has allowed him to continue his quality of life and go ahead with his up coming plans despite the set backs he has endured due to the flood and freak weather event he has experienced.
Reverse Mortgages NSW: Loan Scenario of the Week (23/12/2022)
Reverse Mortgages NSW: Loan Scenario of the Week (02/12/2022)
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