(23/09/22)
Reverse Mortgages NSW: Loan Scenario of the Week
Mr W (75) lives by himself in a town house in Leichardt. He has a current Reverse Mortgages facility of $280,000, this was taken out 6 years ago and he has now used his maximum facility. As he is older and his property has increased in value since the last Reverse Mortgage, he can now borrow $410,000. Mr W is struggling with keeping up with the costs of living and so he will use his new facility to refinance his existing reverse mortgage and then setup a regular payment of $500 a fortnight to supplement his aged pension. This has allowed Mr W the ability to continue his quality of life and keep up with the cost-of-living increases. It has also given him peace of mind as he can also use his limit to cover large one of payments, and he has some large medical expenses coming up.
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