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.
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This loan has allowed the G’s to reduce their stress, free up their cash flow and has dramatically improved their quality of life.
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