Reverse Mortgages NSW: Loan Scenario of the Week

Angelo (88) and Judy (81) live in their home on the north shore. They have lived her since 1998. They live here with their son who runs his business out of part of the property. Their son also helps his parents with tasks around the house as they are getting older.

They have an existing  Reverse Mortgage which they use to supplement their income by drawing $1500 a months and have done so for nearly the last decade. They owe approximately $335,000.00 on their existing Reverse mortgage. We are refinancing them to a cheaper save on interest as the interest rate for the existing loan is currently 9.5%. We are refinancing them down to a rate of 8.8%. They then wish to be able to continue to draw down $1500 per month, but they will do this themselves through the internet banking feature. They also then want an extra $35,000.00 in case of emergency.

This loan will provide significant savings and allow Angelo and Judy to continue to utilise their equity to supplement their income. It also provides a buffer in case of emergency or unexpected expense which will provide them with peace of mind.

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.

(Names, locations, amounts, & other personal details have been changed to protect the client’s identity. This post does not constitute advice.)

 

Reverse Mortgages NSW: Loan Scenario of the Week (07/06/2024)

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