Reverse Mortgages and Gifting
Gifting is an allowable purpose when accessing equity in your home or secondary property.
But care must be given to a number of considerations that may affect your future options.
Borrowers should not access the maximum facility if it may prevent them from any future borrowing for their own needs.
Gifting is an assessable asset for Centrelink considerations for a period of 5 years. Accessing a lump sum may have an impact on age pension payments.
Peter will be able to discuss your current financial position and be able to recommend a structured reverse mortgage to be used for gifting.
This structure may maintain your current pension payments or minimise any potential pension loss.
It is also important to discuss any potential impact for other beneficiaries of your estate. There are ways to make provisions for Gifting, and speaking to your solicitor about amending your Will should be included when seeking legal advice on the terms and conditions of your loan.
Gifting to a family member or close friend is an emerging purpose in the equity release market. The “Bank of Mum and Dad” has become a very popular means of helping children to gain their 1st foothold in today’s buoyant housing market. Call Peter to discuss your options.
Receiving advice related to your circumstances is vitally important. A phone call to Peter will allow you to have an informative discussion about all your options.
Phone now: 0412078785
The Difference? – You are talking to an Expert – Not a Call Centre!
