Reverse Mortgages NSW: Loan Scenario of the Week
Violet (aged 82) lives in her property in the South of Sydney. She has lived there for over 30 years.
The property is a direct waterfront and is perfectly suited to Violet. The view of the water is quite magical and Violet wants to stay in her property as long as possible.
She has a current Reverse Mortgage since 2016. She receives a regular monthly payment from that Reverse Mortgage. Violet wants to refinance so she can access funds via the internet directly, reduce her interest by 0.8% per annum, and increase her limit to make sure she has financial stability for the rest of her life. Violet will set up a regular monthly payment as she has had with her previous Reverse Mortgage.
She has one child which she intends to leave her property too, they have the financial resources to repay or refinance the Reverse Mortgage when Violet leaves the property permanently.
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Violet will be using funds from the loan for her living expenses and to maintain her lifestyle. The increase in the limit should see her for the rest of her life. However, she will still only have a limit of around 50% of what she could apply for. So if she runs out of funds she should be able to increase the loan facility limit.
(Names, locations, amounts, & other personal details have been changed to protect the client’s identity.)
Reverse Mortgages NSW: Loan Scenario of the Week (23/11/2023)
Reverse Mortgages NSW: Loan Scenario of the Week (03/11/2023)
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