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Timothy (aged 82) and Karen (aged 73) live in their home in Western Sydney. They have a mortgage with of approximately $215,000.00. The payments have increased considerably in the last few months as interest rates have risen. They, also have an arrangement with council as they have rates arrears. Timothy and Karen are looking at a Reverse Mortgage to be able to free up the cash flow currently used to pay the mortgage.

Timothy and Karen are not receiving the full Centrelink Aged pension. This is because they have received advances on their pension from Centrelink. These advances are never more than $1,000.00 and are repaid by Centrelink taking the repayments out of the pension payment. With the Reverse Mortgage in place, they will not require this in the future.

They are looking at an initial amount to refinance the mortgage and the rates. Then they want to have a credit line available to undertake some minor improvements (carpet replacement), painting and to upgrade their car which is getting quite old. They would then have some funds available for unexpected costs and one-off events that may occur in future.

(Names, locations, amounts, & other personal details have been changed to protect the client’s identity.)

Amelia (Aged 75) lives alone in her home in Coffs Harbor. She relies on the Centrelink Aged Pension and a UK Pension for her income. 

She originally got her Reverse Mortgage to repay a mortgage and credit cards that had built up over time, allowing her to free up her cash flow and enjoy a better lifestyle. She also redid her bathrooms and had her house repainted with the initial Reverse Mortgage.

She would now like to get an increase on her Reverse Mortgage to replace her aging kitchen and have funds for future expenses.

This loan has allowed Amelia to continue her lifestyle in a manner that she is comfortable, rather than just enduring it.

(Names, locations, amounts, & other personal details have been changed to protect the client’s identity.)

Sophia lives in her unencumbered home in Sydney’s South. Sophia has lived in her home since the early 1970’s. She does not want to leave. She is living on the pension but wants a Reverse Mortgage to allow her to achieve some things that will be impossible on the pension. 

She wants to put a carport in front of her house as she only has street parking which fills every evening, so she finds it difficult to park her car near her home. She wants to update her kitchen as well.  

Sophia has never travelled around Australia and is looking to do so as well as go back to Greece. She spent years caring for a sick husband (and working as he could not) she then cared for brother and then one of her sons who also died of cancer. Thus, she has spent her life working and caring for others. Sophia now wants to do some travel and be comfortable. 

She is only looking at a facility limit of around 1/3 of what she could borrow. This means there is a strong chance that the property price will increase by more than the cost of the interest each year.

Her only remaining son Alex has been successful in his own career and supports his mother in her goals and objectives. He is not relying on any inheritance from his mother. He is not receiving anything from the Reverse Mortgage. He just wants his mother to make the most of the time she has left, and this loan will allow her the freedom to do that.

(Names, locations, amounts, & other personal details have been changed to protect the client’s identity.)

For more information on how a Reverse Mortgage can help you please call our Reverse Mortgage Specialist Broker in your state or Territory.

N.S.W. & A.C.T. Raymond Taylor- 0438 184 784

VIC & TAS Paul Dwyer- 0417 595 003

QLD & N.T. Peter Bolitho- 0412 078 785

W.A. & S.A. Scott Gillespie- 0423 779 080