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.

 

If you have anymore questions on how a Reverse Mortgage can help you achieve your lifestyle aspirations please call Raymond on 0438 184 784 or Nicholas on 0438 184 785

 

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