After working hard for many decades it is disheartening to say the least when seniors find their retirement income is insufficient to enjoy the lifestyle they were dreaming of. There can be many reasons for this, some of which are out of your control, some of which are within your control.
As the specialists in retirement income, Reverse Mortgage Finance Solutions have identified a few of the reasons why some Australian seniors aren’t getting the retirement they deserve and how a reverse mortgage in Australia can help.
Insufficient planning
Ideally, you want a long happy and healthy retirement. With life expectancy in Australia continuing to rise, it is important to acknowledge that the changing demography requires extra retirement income. Although the reality is evolving, attitudes toward saving and planning have largely stayed the same. It is more important than ever to plan for the long-term and look at the big picture. This may involve a bigger super fund, annuities or reverse mortgage loans. Reverse mortgages can help supplement your income, free up funds for unexpected expenses or delay the need for social welfare.
Becoming the family bank
Freeing up the equity in your home to allow them to secure their own as early as possible is a great way to help yourself and your loved one.
It’s great to be able to help out your loved ones financially when and where it is possible. Unfortunately, many seniors find that the help they give exceeds their means and compromises their retirement income.
It is important that you don’t become a regular source of funds for family and friends, unless you are in a position to offer that sort of help.
What may seem, to them, an endless source of money, very rarely is, so ensure you aren’t financially vulnerable and help your loved ones become financially independent at the same time.
On the other hand, you may decide to use reverse mortgage loans to help a family member purchase their own home. Your property, for example, may be bequeathed to a son or daughter, but may not be appropriate to their living situation.
Selling assets too hastily
A common reaction to a financial shortfall is a desire to sell assets. This makes perfect sense if you no longer use or need these assets, but often this is not the case and they are still of great practical value. Reverse mortgage loans free up the equity in your largest asset, allowing you to live as before, enjoying the assets you worked so hard to obtain.
There are many seniors who would benefit from a reverse mortgage in Australia and many reasons why. To discuss your individual retirement income situation, get in touch with the nation’s leading reverse mortgage lenders, Reverse Mortgage Finance Solutions, today.