Reverse Mortgages & Senior Home Loans & Aged Care Options - Newcastle, Lake Macquarie, Hunter Valley, Port Stephens and NSW
Reverse Mortgages & Senior Home Loans Newcastle
Let our Reverse Mortgage Newcastle & Lake Macquarie & Hunter Valley NSW Broker help find the right Reverse Mortage Seniors Home Loan for you
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 Newcastle 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 or seniors home loan?
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 Newcastle and Lake Macquarie region.
Check out our latest blog on the top 5 benefits of a reverse mortgage. Click here to find out more.
Deciding if a reverse mortgage is right for you in Newcastle & Lake Macquarie & Hunter Valley 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 Newcastle and Lake Macquarie 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 Newcastle and Lake Macquarie and Hunter Valley NSW Expert Mortgage Broker Today
If you're over 60 and own a property in Newcastle or Lake Macquarie or Hunter Valley NSW, 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 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 Newcastle, Lake Macquarie, Hamilton, Wickham, Mayfield, Waratah, Merewether, Cooks Hill, Morisset, Cooranbong and all of NSW and beyond.
Call your Local NSW Reverse Mortgage Home Loan Mortgage Broker now!
(02) 4001 0421
Our team of home loan experts can come to you or meet you online.
Our team can come to you or we can meet you online.
Newcastle & Lake Macquarie office located at Suite V2 Level 2/384 Hunter St, Newcastle NSW 2300.
