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Loan Scenario of the Week (15/09/2023)

Joan (aged 66) lives in her unencumbered home in Wollongong. She is a widow and lives alone.

 

She was retrenched and has been unable to find new work due to her age and so is currently relying on the jobseeker payments for her income. She will qualify for the full aged pension in January 2024.

 

Due to the low income, she has been reducing her savings. Whilst no bills are in arrears, she knows that if she does not do anything soon, she will run out of money.

 

Joan is looking to do a Reverse Mortgage to assist with her living costs until next year when she starts receiving the Aged Pension.

 

Once she starts receiving the aged pension, she will need less funds from the Reverse Mortgage and then she would like a credit line for unexpected one off costs or discretionary spending. This loan has provided Joan with an immense amount of relief and financial certainty.

 

 

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.)

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Can you assist your children with their home loan?

The number of Australian households who are struggling to refinance due to serviceability issues has surged from 15% to 30% in just less than six months, according to Compare Club.

New data from the personal finance marketplace and advice company also showed a skyrocketing number of refinancing enquiries from mortgage holders with an LVR of 90%, which makes refinancing tough, if not impossible, and to a level not seen since interest rates began to rise.

Broker News 23rd August 2023

Are you in a position to assist your family when their home loan repayments are escalating and they cannot get a better interest rate?

Do you want to make sure they can retain their home without financial stress or “forced sale”?

Have you considered a reverse mortgage payment as a gift? An amount of $800 per month for 2 years should not affect any age pension entitlements.

Speak with your advisor to find out more and how your personal situation may assist your family.

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Loan Scenario of the Week (08/09/2023)

Bruce (aged 74) and his wife Katherine (aged 72) live in their house in the Blue Mountains.

They are reliant on the Centrelink aged pension for their income.

 

They want to refinance their existing Reverse Mortgage to create a larger credit line amount available and to take advantage of the lower interest rate and lower loan fees.

 

Their original Reverse Mortgage was taken to payout their Mortgage when Bruce retired from running his own business.

 

They will spend some funds on a solar power system and batteries. The remaining funds will be for one off discretionary expenses and unexpected events.

 

Bruce and Katherine have found great comfort in getting a Reverse Mortgage, and they no longer worry about unexpected expenses.

 

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.)