After you retire, it might not be easy to secure a loan at a bank if you want to upgrade your home, buy a car, go on vacation, or give cash to a family member in need. A reverse mortgage is a perfect solution for some seniors when they need money, but besides interest rates and fees, there are essential questions you should ask before you commit your home. It’s advisable to talk to a pensioner loan consultant to ensure that you fully understand the terms and implications of the loan.
When you seek pensioner loan advice, you should ask about the reverse mortgage loan process and how long you will have to wait to receive the proceeds of the loan, but you should also know with whom you’re dealing. Pensioner loan brokers act on behalf of a lender and don’t have control over the structure of the loan product, but they can help you to secure a loan on terms that best suit your needs.
Find out Who Your Pensioner Loan Consultant Is
As with many financial products, a reverse mortgage loan is a complex agreement between the borrower and lender. For this reason, all reverse mortgage loans are legislated by the National Consumer Credit Protection Act. At Reverse Mortgage Finance Solutions, we are also subject to the National Consumer Credit Protection Legislation as administered by the Australian Securities and Investment Commission.
It’s vital to be fully informed about the loan process and to find out whether a pensioner loan makes sense for you, before you enter into an agreement. ‘Be Well Advised’ is our motto, and we believe that a face-to-face meeting with one of our pensioner loan consultants is the only way to ensure that we recommend the right loan for you and that you get answers to all your questions.
Is a Reverse Mortgage Loan the Best Solution for You?
A competent pensioner loan broker’s aim won’t only be to secure a reverse mortgage loan for you, but also to ensure that the proceeds of the loan can solve your financial problems. Depending on how your finances will change in the next few years, a RMFS consultant will advise you on the best options to meet both your immediate needs as well as your mid-term and long term potential finance needs, such as unexpected medical expenses, in home or residential aged care etc. The payout should be structured to your needs; funds can be paid out as a lump sum, monthly payments, a line of credit, or a combination of the options.
What is the Reverse Mortgage Loan Application Process?
At RMFS we follow a very specific plan to help you understand step by step how the reverse mortgage process works. We have a national network of pensioner loan brokers who can visit you at your home to help you and your family determine your needs as you grow older. A consultant will discuss various options with you and answer any questions you have. From enquiry to loan settlement, the application process usually takes four to six weeks. At RMFS we continuously monitor the progress of your reverse mortgage loan, and we handle every aspect of the process on your behalf.
Only consultants with extensive experience and knowledge of working with seniors and their families work at Reverse Mortgage Finance Solutions. We pride ourselves in advising families on the best options for a reverse mortgage for their retirement years. Contact Reverse Mortgage Finance Solutions, or phone 1800 001 020 to book an appointment.