Reverse Mortgages NSW: Loan Scenario of the Week
Robert (aged 72) and his wife Martha (aged 70) live in their unencumbered property in the NSW Central West Region.
They are looking to do a Reverse Mortgages to pay out a small Mortgage and pay down credit card debt together totalling about $90,000. The couples only income is the aged pension and with interest rates and cost of living going up they have been struggling to keep up with their payments and maintaining their lifestyle. By paying off these debts it will free up the clients’ cash flow to manage living expenses.
They also want to have an available credit line for one off expenses in the future. Some of these may be discretionary such as travel, and some unforeseen and unexpected such as medical expenses. They will get a facility of $150,000. This allows them to pay off their debts and some immediate expenses and have $50,000 as a contingency if needed. This $50,000 has provided them with a great peace of mind and will only cost them in interest once it has been drawn down.
This Reverse Mortgages have been a huge relief to the clients who were very stressed about keeping up with there bills and expenses. They are now able to go back to enjoying their retirement without the stress of worrying about their finances.
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(Names, locations, amounts, & other personal details have been changed to protect the clients identity.)
Reverse Mortgages NSW: Loan Scenario of the Week (05/05/2023)
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