Reverse Mortgages NSW: Loan Scenario of the Week
Peter (aged 61) lives in his home on the South Coast. He purchased the property in September 2023.
Peter had an accident at work in February 2021. He has been assessed as having a whole person impairment of 25% and has had several operations to fix his leg. He was paid until April 2022. At this time, he had to drawdown his Superannuation to live in May 2023 Peter received a civil claim settlement. He has used most of this payment to purchase his house.
Because of the receipt of the civil claim settlement, he cannot receive any Centrelink benefits until February 2028. Peter has a small amount (approximately $25,000) in the bank.
Currently Peter is earning no income. He expects to be able to work again late next year and so will be earning money from then until she can get the pension.
He has gotten a Reverse Mortgage on his property to ensure he has enough money to live on until he qualifies for the pension.
The Reverse Mortgage is to make sure he has funds to survive until pension age. He has some savings and will be able to start work again late next year. This means he will have the funds to survive financially until he gets the pension.
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This loan has provided security and peace of mind in one of the hardest periods of Peters life and has ensured he can keep his home.
(Names, locations, amounts, & other personal details have been changed to protect the client’s identity.)
If you would like to know more about how a Reverse Mortgage can help you achieve your lifestyle aspirations please call Raymond on 0438 184 784 or Nicholas on 0438 184 785.
Reverse Mortgages NSW: Loan Scenario of the Week (22/12/2023)
Loan Scenario of the Week (08/12/2023)
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