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Are you Equity Rich and Cash Poor? A Reverse Mortgage may be the Answer! This may appear to be a strange question, but more and more Australians are retiring today with just their main asset, their "home" and surviving on nothing more than their pension and possible a small amount of superannuation. Retired pensioners are using their home to access the equity out of their home to supplement their pension. And if done correctly and seeking the correct advice, this can be done with out effecting you pension. What are my Loan Options? Regular payments - This option allows you to have a set amount to be deposited into you account each month. Usually the minimum is $400 per month. This is designed to top up your income. Payment can be made over a 15 year period, or until you limit has been reached. Lump Sum with Regular Payments. This is the same as the Regular payments but with a lump sum added. For example, you may nee $10,000 to make improvements around the house, buy a car, take a holiday or any worth while purpose. After that you receive the balance in monthly regular installments. Lump Sum - This option makes available the entire approved loan amount and i placed into your nominate account. Do we have to make repayments? There is no need for repayment to be made, interest is capitalized. But if you wish to make repayments, of course this allowed. Neither the initial loan amount nor the interest on the loan needs to be repaid until the home is sold or passes to your estate. Equity Guarantee option - you can elect to protect a portion of the value of your home to pass to heirs or set aside for future health care expenses. SEQUAL - Seniors Australian Equity Release - Association of Lenders. We only use lenders that abide by the SEQUAL code of conduct. www.sequal.com.au Of course you have questions, and we are more than happy to discuss them with you.
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