(22/12/2023)
Reverse Mortgages NSW: Loan Scenario of the Week
Mavis (aged 87) and Angus (aged 85) have lived in their home in the Hills District for over 60 years.
They have a reverse mortgage that has a balance of approximately $490,000. They have built this up since they first took out a reverse mortgage in 2009. At this time their property was only worth around $700,000 so they have enjoyed their property and used funds to enhance their retirement all whilst the equity in their home has increased.
They have travelled the world and Australia whilst enjoying their home. They are refinancing their mortgage as their old lenders interest rate is now 9.60% per annum and higher than most lenders. Calculations show that refinancing their current loan will see them save $31,000 in 5 years and over $100,000 in 10 years at current interest rates.
Thus, they want to refinance their loan and then have a line of credit of $150,000. This is because they are getting older and realize their medical costs and aged care needs will soon start to increase. Having the available credit will mean they can stay living in their home as long as they can and continue to reap the benefits of capital growth.
(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.
Loan Scenario of the Week: Michelle and Anthony
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