(11/11/2022)
Reverse Mortgages NSW: Loan Scenario of the Week
Mr G (67) and Mrs G (70) live in their house in Newcastle worth 1.25 million dollars. Their age and the value of their property mean they can borrow up to $275,000.
Mr and Mrs G have a mortgage of $110,000 and a personal loan of $25,000. The G’s wish to consolidate these debts so they no longer need to budget to make regular repayments out of their pensions. They also need to buy some medical equipment worth around $20,000 as Mrs G has some serious health ailments and this equipment will seriously improve her quality of life. They also wish to replace their old car which will cost around $30,000.
The G’s have opted to take out a facility of $235,000. They need $135,000 to consolidate their debts, and $50,000 to make the other purchases the medical equipment and car. The $235,000 will also give them an emergency fund of $50,000 which has provided them both with great comfort. They will not be charged on this emergency $50,000 unless they do decide to draw it down.
This loan has allowed the G’s to reduce their stress, free up their cash flow and has dramatically improved their quality of life.
Reverse Mortgages NSW: Loan Scenario of the Week (02/12/2022)
Reverse Mortgages NSW: Loan Scenario of the Week (21/10/22)
Other blog posts
-
Comparing Reverse Mortgage Providers and Products in Australia (2026)
Reverse mortgages are becoming an increasingly popular option for older Australians who want to unlock the value of their homes without selling. As property values increase and retirement funding needs evolve, many homeowners are exploring reverse mortgage finance solutions to supplement income or fund lifestyle expenses.... -
Reverse Mortgage In The News of Australia
Recently, I had the opportunity to watch Channel 9 News discussing reverse mortgages in Australia, how they work, who they are designed for, and how older homeowners can access the wealth tied up in their property. The reverse mortgage in the news Australia segment was balanced and informative. Television coverage helps... -
Which Is the Most Chosen Reverse Mortgage Company in Australia?
When researching reverse mortgages, Australians often ask, “Which is the most popular reverse mortgage company in Australia?” It’s an understandable question. A reverse mortgage is a long-term financial decision, and trust, experience, and suitability matter far more than brand recognition or advertising presence....
