Marguerite Taylor No Comments

The ‘face-to-face’ reverse mortgage process


When it comes to taking care of your reverse mortgage finance needs, at Reverse Mortgage Finance Solutions (RMFS) we don’t our responsibility lightly. RMFS offers a face-to-face personal meeting service to respond to your needs. We believe that discussing reverse mortgage loan options with you personally, will help us gain a fuller understanding of your objectives. A face-to-face discussion should also help you be more comfortable in making what is an important financial decision.

In a world where everything can be obtained via the Internet, RMFS takes the higher road to be personally available to our clients. And because we understand that your time is valuable, it’s not necessary to leave your home for a meeting. Our consultants will gladly meet up with you in the comfort of your residence, coffee shop, or any place convenient for you. We want to listen to your questions or your doubts so we can further help you gain confidence with home equity release products that are suitable for you.

We respect your needs and priorities, so we advise the best way for you to achieve your financial objectives. A reverse mortgage may not only help improve your cash flow, it can also reduce the stress and worry in your life. Because your well-being is the top priority, our consultants will not only explain the financial implications of a reverse mortgage loan, but will also encourage you to consider:

  • Will there be any possible changes to your income or expenses in the future? Have you considered possible future aged care needs?
  • Will a reverse mortgage affect your government or aged pension benefits?
  • Is it best to discuss the decision to your family members?
  • What is the best way to access the funds from your reverse mortgage, given your present and future circumstances?
  • What are the rules that apply to the loan? When is it to be repaid? Can you make additional or early repayments to the loan? How can you access future draw-downs?
  • Who is the most suitable reverse mortgage lender for your needs?

When you’re ready to go to the next step, our consultants will prepare all the necessary paperwork and submit a loan application to your chosen lender, on your behalf. From start to finish, RMFS will be there to guide you. The process usually takes 4-5 weeks, but can take longer if a refinance of an existing debt is required. When it comes to your financial journey, everyone is different. Our unique face-to-face proposition ensures that your unique goals are achieved and your interests are protected.

Call us today at 1800 001 020 and experience a personalised service like no other.

Marguerite Taylor No Comments

Refinance Your Debt With A Reverse Mortgage


Like most senior Australians, you probably just want to live a comfortable and worry-free retirement. After years of working hard, it is about time to relax and enjoy life.

However seniors often find it hard to sustain dignified living today, especially those who are living on government pensions. Some are still paying for their original mortgage and making ends meet by taking high-interest loans such as credit cards and personal debt.

The good news is, it’s possible to consolidate all your debt and live a stress-free life through RMFS reverse mortgage.

Reverse Mortgage Debt Consolidation from RMFS

Senior home owners are usually rich in assets but ‘cash poor’. After decades of working hard and paying for their mortgage, they have acquired substantial home equity. But because of low pension or limited super, they have limited incomes and in some cases retire with a substantial home loan still secured against the family home.

Reverse Mortgage Finance Solutions (RMFS) offers reverse mortgage loans that allow you to roll all your debt into one and pay them off immediately. Aside from the ‘cash-flow’ relief it can provide, this opportunity may save you thousands of dollars in interest rates.

Why Refinance Your Debt with a Reverse Mortgage?

  • No need to earn income. Reverse mortgage lenders will not require you to earn a minimum level of income or prove savings.
  • You are not selling your home. A reverse mortgage is a loan secured on your property; it is not a sale of your property. You can continue to retain full ownership of your home, so you can retire in comfort.
  • Enjoy any future capital growth. Because you are still the owner of your home, you are entitled for any growth. Australia has enjoyed a long and consistent period of house price growth.
  • You can borrow as much as 40% of your home equity (depending on your age), which you can use to pay all your debt and sustain a comfortable retirement.
  • No required regular payments. Although you can pay the loan voluntarily, you are not required to make any regular repayments; the loan will be repaid when you pass away or when the property has been sold.

Inquire About Reverse Mortgage Today

Obtaining a reverse mortgage is an important decision. To help you learn more about how home equity release can pay your debt or for other things you may need for your retirement, you can all RMFS at 1800 001 020. We also have a comprehensive guide entitled “A Practical Guide to Reverse Mortgages in Australia” which you can DOWNLOAD FOR FREE.

 

refinancing a reverse mortgage
Marguerite Taylor No Comments

Refinancing a reverse mortgage: Is it right for you?

There are a number of reasons a borrower may consider refinancing a reverse mortgage.

The first is to borrow more to meet additional individual needs. The appreciation in property over the past 10 years has seen the value of the median house price double in that period. For example, a home valued at $300,000 in 2006 may now be worth around $550-600,000.

A borrower aged 70 in 2006 may have accessed up to 25% of the value in the home. Depending upon the current loan outstanding, based upon how much was initially accessed and what progressive draw downs have been taken, a borrower can now access up to 35% of the latest valuation.

Interest rates are always important when considering home loans. The interest rates for a number of reverse mortgages taken out in the late 2000’s have not fallen to the level of some current products.

It would be important to consider the benefit of lower interest costs against the actual cost of refinancing.

Loan features are also important. Some reverse mortgages allow residential investments or beach houses as suitable security. It may be possible to refinance to a non-occupied security and use the debt to offset the assessed value for age pension considerations.

It is important to realise we are at the low end of the interest rate cycle and sometime in the future interest rates are sure to increase. Unlike forward mortgages, reverse mortgages are only available with variable interest rates.

Importantly, in September 2012, Stage 2 of the National Consumer Credit Protection Act gave reverse mortgage borrowers more protections than any other type of home loan borrower. The additional regulations ensure borrowers can have greater confidence in their borrowing considerations.