Reverse Mortgages & Seniors Home Loans - Taree, Forster-Tuncurry, Wingham, Old Bar, Gloucester, Harrington, Bulahdelah & Mid Coast NSW
Use the local NSW Reverse Mortgage & Seniors Home Loan expert mortgage broker & home loan specialist.
Looking for a financial solution that could help you enjoy your golden years without worrying about money? A reverse mortgage or a seniors loan might be the right option for you with your Taree and Forster NSW home. A reverse mortgage may allow you to use the equity of your current home to act as security for a new loan. This means you can use the equity you worked so hard to build before retiring, rather than relying on a regular income stream now.
What is a reverse mortgage?
To put it simply, a reverse mortgage is a type of loan that lets you access the equity you have built up in your home without having to sell the property. A reverse mortgage allows you to borrow money against the equity in your home, without having to make any repayments until you sell the property or pass away. This means you can unlock the value of your home without having to sell it or downsize, and use the funds for whatever you need, such as home renovations, healthcare expenses, or travel.
Typically, a reverse mortgage or seniors loan will give you a choice about how you receive the funds: as a lump sum payment, as a regular series of payments, or a combination of both. That can make a reverse mortgage loan a valuable source of extra cash in retirement to take the stress out of everyday bills, home repairs or improvements, paying for medical procedures, car maintenance or anything that can make life easier and more comfortable in retirement. And the big plus of a reverse mortgage is that no repayments are necessary until your home is sold.
Aged care costs have increased and can be significant depending on the type of accommodation and the geographical location of the facilty. If you have a family member needing aged care you may encounter fees such as;
- Refundable Accommodation Deposit (RAD)
- Daily Accommodation Payment (DAP)
- Means-tested daily fee
- Daily Care fee
It may seem like the only way to fund the lump sum RAD is to sell the family home. However it may be possible to be retained using a reverse mortgage to fund the aged care entry costs.
As your local mortgage broker, I can help you access the best reverse mortgages that can be offered to residents in the Taree and Forster region.
Deciding if a reverse mortgage is right for you in Taree & Forster & Mid Coast NSW!
Making the call to get a reverse mortgage can seem like a big decision, especially when trying to make the decision on your own. That is why our expert team of Taree and Forster mortgage brokers are here to help you. We can work with you to decide whether a reverse mortgage is the right decision for you. The number one question we get asked though is:
How will the loan affect my financial future?
The younger you are when you take a reverse mortgage, and the more you borrow, the less equity you will have in the future. It’s important to consider how your needs may change in the next 10, 20 or 30 years. Using too much of your equity too soon may impact your ability to afford future costs such as medical expenses or the need to move into aged care accommodation.
Are there any other alternatives?
There may be more appropriate alternatives suited to your needs. These include downsizing, making arrangements with family members, accessing government benefits, loans, using savings, selling other assets or home reversion schemes.
Chat to our Reverse Mortgage Taree and Forster and Mid Coast NSW Expert Today
If you're over 60 and own a property in Taree or Forster, a seniors loan or reverse mortgage could also be a viable option for you. Even if you’re just beginning to think about a Reverse Mortgage or Seniors Home Loan or Aged Care Accommodation options, you can contact us today for a no-obligation appointment to discuss what your options are. As your local Mortgage Choice broker, I can guide you through the entire process of getting a reverse mortgage or seniors loan, from assessing your eligibility to finding the right lender and product for your needs. Contact me today to schedule a free consultation and start enjoying your retirement with more financial freedom!
We service the areas of Taree, Forster-Tuncurry, Old Bar, Gloucester, Barrington, Wingham, Harrington, Crowdy Head, Bulahdelah, Nabiac, Port Macquarie, Wauchope, Kempsey and surrounds.
Call your Local Mid Coast NSW Mortgage Broker on 02 6550 0344
Our team of home loan experts can come to you or meet you online.
Our local office is at 20 Commerce Street, Taree NSW 2430.
Mortgage Choice Broker Taree & Forster & Mid Coast NSW serve Allworth, Back Creek, Barrington, Bonny Hills, Boomerang Beach, Booral, Bulahdelah, Bungwahl, Carrington, Cedar Party, Coffs Harbour, Coolongolook, Coopernook, Copeland, Crescent Head, Darawank, Diamond Beach, Dungog, Failford, Forster, Gloucester, Hannam Vale, Harrington, Hawks Nest, Karuah, Kempsey, Killabakh, Koorainghat, Krambach, Lake Cathie, Lansdowne, Manning Point, Mitchells Island, Monkerai, Mount George, Nabiac, Nambucca, Nooroo, North Arm Cove, Number One, Old Bar, Pacific Palms, Port Macquarie, Purfleet, Sawtell, Seal Rocks, Smiths Lake, Stratford, Stroud, Tahlee, Tea Gardens, Tinonee, Thrumster, Toormina, Tuncurry, Wallabi Point, Wauchope, Wingham and Woolgoolga
