Reverse Mortgages NSW: Loan Scenario of the Week

Theo (72) lives in his home in the Shire. He has lived there for over 30 years. He is not married and has never had any children. Theo enjoys living here and has a strong social network of friends in the apartment building in the Shire.

Unfortunately, the building has recently had some storm damage to the roof, this has resulted in a special levy of $25,000.00 to fix. Theo also wishes to repaint his apartment and do some other minor renovations this should equal around $15,000.00. He is also thinking of replacing his car and is thinking of spending around $20,000.00 on this.

As he has no partner or beneficiaries, he can sell the property to pay for aged care if need be. If it was not for the reverse mortgage Theo would be forced to sell as there would be no way he could afford the strata levy. This reverse mortgage has allowed him to continue to live in the location he wants and maintain his high standard of living.

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.

(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 (10/05/2024)

Reverse Mortgages NSW: Loan Scenario of the Week (24/05/2024)