There has been a lot of interest surrounding reverse mortgages lately. Much has been made in the media regarding Australia’s aging population and the most efficient ways those in this age range can ensure they have sufficient retirement income. To this end, the recent Financial System Inquiry recommended reverse mortgages as a means of simultaneously unlocking retirement income and benefitting the Australian financial sector in general.
As we see further enhancements in home care, there is acknowledgement for those receiving care will be required to make greater contributions to their costs.
Can you lose your home with a Reverse Mortgage?
Over the years I’ve seen and heard so many misleading statements about the risks of Reverse Mortgages and warning borrowers to be very cautious and suspicious. It’s a wise thing to be cautious because it’s a significant decision to put your home up as security for a loan. It really gets down to finding out the facts for yourself and then making an informed decision. You’ll probably be very surprised with what you learn.