A Reverse Mortgage is a very diverse product and can be used by clients for any number of ways. Some of the most common uses are below:
Supplement Income–
Your credit limit can be set up as regular payments, either yearly, monthly, fortnightly, or weekly increments to help supplement income. This is a great way to help keep up with living costs.
Consolidate Debts–
A Reverse Mortgage is a good way to pay off or consolidate outstanding debts such as mortgage or credit card debts and free up cash flow from regular payments. We also see clients commonly using their Reverse Mortgage to catch up on overdue bills such as council rates.
Fund Aged Care-
At home or in an aged care facility, a Reverse Mortgage can be utilised to fund aged care costs; both Refundable Accommodation Deposit (RAD) or Daily Accommodation Payment (DAP). Many clients also use Reverse Mortgages to fund in home care costs.
Renovations and Maintenance-
Home repairs and renovations can be expensive. With a reverse mortgage loan, you can unlock your home equity for the money required to pay for important repairs and improvements.
Strata Levies and Rates-
We have also found a lot of clients find a Reverse Mortgage as a great way to pay for large Strata Levies, rates that have slipped into arrears or other unexpected property costs.
Buy a New Car or Vehicle-
Many of our clients purchased a new car for their retirement years and are now finding their retirement is lasting longer than their car. A reverse mortgage offers an ideal option to upgrade the retirement car.
Caravans and Motor homes –
Many clients also use their Reverse Mortgage for purchasing new caravans or motorhomes so they can live their grey nomad dreams. When finished travelling this can be sold and the many received paid off the reverse mortgage.
Gift and Help Family–
Many of our clients have been able to help their children through a difficult time, such as purchasing a home, the grand-children’s education costs or perhaps a family break-up. We can help you through any Centrelink aged care pension implications of gifting or lending.
Have a Holiday-
You can unlock your home equity to fund your trip. By accessing a portion of your home equity through a reverse mortgage loan, you may find it much easier to pay for your dream holiday.
These are just a few of the ways that a Reverse Mortgage can be utilised to make the most out of your Golden Years.
More than a decade’s experience consulting with senior Australians and Self-Funded Retirees regarding specialist credit products designed to support retirees.
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