(31/05/2024)
Reverse Mortgages NSW: Loan Scenario of the Week
Daniel (60) & Pauline (64) live in their home in Newcastle. They have lived here for 32 years. They love living here and as the home is single level they wish to stay here for as long as possible.
Unfortunately, Daniel has been diagnosed with cancer and is undergoing treatment He has had to stop working due to his diagnosis and he is currently on a disabilitiy pension. He is having ongoing treatment. Pauline in retired. She had a business that shut down during COVID.
They are looking to do a reverse mortgage for several reasons firstly the couple wish to go on some holidays whilst Daniel is still alive and well enough to do so. They will also use the loan to potentially help cover some medical expenses. There are some minor renovations and maintenance they wish to do. Finally, they want to use the loan to assist in covering living costs especially until Pauline is old enough to receive the aged pension.
There is a large amount of equity left in the property and the house could be sold to pay for aged care if needed. The couple only has one child who is doing well and is supportive of the reverse mortgage. This loan will allow the couple to enjoy their time together without having to worry about how they will pay for treatment and general living expenses.
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 (24/05/2024)
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