Reverse Mortgages NSW: Loan Scenario of the Week
Mr H (70) and Mrs Hr (66) live in their Lake Macquarie house worth 1.1 million dollars that they own outright. They have $80,000 in credit card debt after some extensive world travelling. Unfortunately, Mr Hr had to retire suddenly earlier than planned several years ago before the credit card debt was paid off. Mrs Hooper is still working as a high school teacher, but she wishes to retire, but she is unable to because of the $80,000 in outstanding credit card debt. A Reverse Mortgage has allowed the Mrs H to retire and not only freed up their cash flow but has saved them significant money as the Reverse Mortgage has a far lower interest rate than their credit cards. Finally, they have also taken out a cash reserve of $120,000 for a total facility of $200,000. This will allow them to have peace of mind if they have any unexpected expenses come up.
Overall, this Reverse Mortgage has provided the Hoopers with financial freedom so they can focus on more important things and enjoy their retirement together.
Reverse Mortgages NSW: Loan Scenario of the Week (07/10/22)
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Reverse Mortgages NSW: Loan Scenario of the Week (23/09/22)
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