Reverse mortgages in Western Australia are a special kind of loan available primarily to the senior citizens of WA. A reverse mortgage works off the equity you have built up on your home, and you are granted a loan based on between 15 and 45 percent of your home’s overall value. While there are interest, fees, and charges like any other loan, you don’t have to make loan repayments while you live in your home, although you can choose to make repayments at any time, without penalty.
A reverse mortgage can be a great way for senior citizens to get well-deserved financial support, as this option works off the equity built by homeowners and relies less on a steady income, which many retirees do not have. Use a reverse mortgage in WA to help pay for a variety of things, from everyday obligations and debts to luxury and leisure items.
A Few Reasons People Get a Reverse Mortgage in WA
From paying off debts to helping your family to just going on the holiday of your dreams, there are plenty of reasons why residents in WA get a reverse mortgage. Here are just a few common reasons our clients choose to get reverse mortgages in Western Australia.
Additional Income: For those on a pension or retirement pay, it can be challenging to make ends meet on just the money you receive. With a reverse mortgage in WA, you can utilise the loan funds as a source of additional income to ease the burden of daily expenses. This way, you or your spouse won’t have to worry about taking on part-time work, and you can enjoy your retirement years in peace.
Paying Off Debts: If you have debts from credit cards or otherwise, with reverse mortgages in Western Australia, you can consolidate your debt and pay it off in one go. Especially if you have built up personal loans, you can stop paying in monthly instalments and get these obligations out of the way—all based on the equity of your home.
Affording Your Holiday: Your financial picture doesn’t have to be drastic to get a reverse mortgage. For seniors trying to go on holiday without taking from their pension, a reverse mortgage provides a way to get away without biting into the money you have deliberately saved for retirement.
Contact RMFS for a Reverse Mortgage
For seniors looking for a reverse mortgage, Reverse Mortgage Finance Solutions is the place to turn in WA. Our reverse mortgage options give you an easy way to get well-deserved income support for whatever it is you need. Our trained and experienced financial consultants will work with you to determine if a reverse mortgage is right for you, and if so, the best way to secure one. If you are interested in a reverse mortgage or just have more questions, get in touch to learn more, or phone your local WA advisor Scott Gillespie on 0423 779 080.