I love Seniors Loans.
Most Reverse Mortgages are quite small loans, and as such don’t earn me a big commission, but I still love them. Why, you ask? Because they change lives.
Reverse Mortgages or Seniors Loans as they are often called, can take a huge weight off the shoulders of those who take them, relieve burdens and worries, and give back lost control. They bring fun and life back to senior citizens, and a new radiance to their faces. When I see this, it brings me real joy and satisfaction.
Who can get a Reverse Mortgage
A Seniors Loan or Reverse Mortgage can be obtained if
1. You own a property even if there is a current mortgage, although a mortgage reduces the amount you can borrow and
2. The youngest borrower is at least 60 years old, 65 is more common – the older you are the more money you can borrow.
Essentially, a person 65 and over can supply their own needs from the wealth they have acquired over their lifetime, and they don’t need not rely on anyone else. To many, this is a huge relief. They are not forced into selling their home with the large associated costs, or forced into moving or downsizing to release funds. Best of all there are NO REPAYMENTS.
What do Seniors use the money for?
Cost of living Expenses
Many Seniors feel they just don’t have enough money for their normal cost of living expenses, especially if they are relying on the Age Pension. Let’s face it, the pension is not enough to live on! Some take a Reverse Mortgage just so they can live a more relaxed and worry free lifestyle and have the extra money go out for coffee or lunch or enjoy a concert.
Paying Out Debt
Others have incurred credit card debt and are now on a treadmill trying to juggle repayments. A reverse mortgage can be used to pay off credit card and other debts.
Some seniors take a reverse mortgage to travel. One of my clients travels all over the world on her reverse mortgage funds. Another client who has recently settled his reverse mortgage has bought a new car and a caravan, and is now about to set off around Australia. It might even pay for a holiday house.
Upgrading and renovating
Others want to renovate their home and make all the repairs necessary so they don’t need to be concerned about those things for the foreseeable future in their retirement.
Some need the money for surgery such as knee or hip replacements or unexpected illness, other hospital or medical needs or plastic surgery.
Providing for Children and Grandchildren.
Some take a reverse mortgage to help their children and grandchildren with school expenses or a deposit for a first home.
What Could it mean for You?
A Reverse Mortgage can be used for just about anything. I love being part of assisting Seniors to have a better quality of life in the Golden Years. Feel free to call me (Sandra from Every Loan) on 9653 2034 for a pleasant conversation about Seniors Loans and what it could mean for you. You do not need to proceed to a loan. I will be happy to help you understand your options.
If you need financial advice, call Sandra on 9653 2034.