Much has been written about the recently revised Centrelink Home Equity Access Scheme (HEAS). It is a government-funded reverse mortgage loan that offers eligible seniors (not necessarily pension recipients) increased pension payments advanced as a reverse mortgage loan. Borrowers must be property owners and the loan is secured by a caveat over their home, or […]
Age Pension eligibility is calculated by a means test assessment. Both income and assets are assessed by Centrelink/DVA in order to determine eligibility and payment amounts. The current maximum age pension payments are Single $1064.00 per fortnight Couple $802.00 each per fortnight Income assessment Recipients are able to earn $204.00 per fortnight for singles ($360.00 […]
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 […]
Having a reverse mortgage has no effect on Centrelink entitlements, but what you do with the funds may affect your pension. We can guide you in this area.
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