Nicholas Taylor No Comments

Loan Scenario of the Week (28/07/2023)

Lyndall (74) lives with her husband George (80) in the house in the Blue Mountains. George has dementia, and Lyndall has signed on his behalf as a Power of Attorney.

This loan is to pay off several debts that have built up over time. This is because the costs of living and the extra expenses to look after George has pushed the couple to living right on line of their pension incomes. They have 2 financial arrangements from when they were retiring that they have been paying off for over 10 years.

Lyndall has taken out a Reverse Mortgage to pay out these debts, and have some additional funds to supplement their pension income and money for one of large expenses. Lyndall is also worried that they could incur further large expenses in caring for George. The Reverse Mortgage will make funds available for this purpose.

This loan has given Lyndall great peace of mind in an already difficult time, she can now concentrate on caring for George and not having to worry about their finances.

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

Nicholas Taylor No Comments

Loan Scenario of the Week (21/07/2023)

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.)

Nicholas Taylor No Comments

Loan Scenario of the Week (14/07/2023)

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