Peter (aged 77) lives in his unencumbered home in the NSW Riverina. Peter is a widow and he has no children.
Peter has realized he is slowly reducing his savings by around $200.00 per week. He is looking to do a Reverse Mortgage to receive $250 per week to top up his income to meet his living expenses. He then wants to have the maximum credit line available for future contingent expenses and discretionary expenses such as travel.
Peter uses his credit card for most of his day to day expenses. It is paid off every month by a direct debit from his bank account. Thus he wants to keep his credit card and does not need it paid off.
The $250 per week will last for at least 10 years. If at this time he still needs the funds he can probably increase his loan at that time.
As Peter has no children his estate is left to his nieces and nephews. He is more concerned with his comfort and maintaining his lifestyle than leaving them an inheritance. If necessary, the property can be sold for aged care purposes. This has allowed Peter to continue his desired quality of life.
If you would like to know more about how a Reverse Mortgage can help you achieve your lifestyle aspirations please call Raymond on 0438 184 784 or Nicholas on 0438 184 785.
(Names, locations, amounts, & other personal details have been changed to protect the client’s identity.)