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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.)

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

Janette (aged 83) lives in her home in Sydneys Inner West. Her husband died several years ago, and she only has one son, Patrick.

Janette has around $200,000.00 in savings and shares. She relied on the pension for her income and receives a small amount of interest and dividends from her investments.

Janette has a Reverse Mortgage with a balance of approximately $60,000. She took out this Reverse Mortgage in 2018 to assist her son Patrick and his family. As Patrick is her only beneficiary, she wants to assist him now rather than him waiting to receive his inheritance. 

Jannette is looking to increase her Reverse Mortgage as she wants to give Patrick another $50,000.00. She will give him the funds from her investments as this will have a nil effect on her pension. By gifting him the $50,000 it will increase her Centrelink assets but the reduction in her investments will mean a net nil effect. Jannette has visited a Centrelink Financial Information Service Officer who suggested this strategy. 

Jannette wants to have $200,000 available for her future care and property maintenance. By having the increase limit on the Reverse Mortgage, along with her cash and shares, she will still have approximately $200,000 available. 

The cost of doing the increase with her current Reverse Mortgage Lender is the same as refinancing with a different lender. So, we are refinancing the whole loan to a different lender that has a significantly lower interest rate. 

The loan is not for ongoing expenses but to make sure she has funds in future for in home care and property maintenance. It has allowed Jannette to help Patrick considerably and she gets to enjoy watching the relief receiving this early inheritance has brought to her son.

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