Mary and John had elected to retire early when John was made redundant at aged 62. They had $42,000 owing on their home and their mortgage repayments were only $56.00 per week. John had $58,000 in his super account that they rolled into an allocated pension. After 4 years of retirement, their car needed replacement and they were finding life difficult. They had been considering selling their home of 12 years and downsizing to a smaller house or unit. They did NOT want to move from their suburb and were concerned at the $15,000 odd costs of changing their home.

Peter arranged a Reverse Mortgage loan with an initial lump sum sufficient to cover the cost of paying out their mortgage loan, the new car and some small house renovations, with an ongoing monthly instalment of $185.00. The overall effect was that they had saved $56.00 a week that they were no longer paying on their mortgage, they also saved the $15,000 ‘change over costs by not selling and buying another property; they had an extra $185.00 per month to spend AND they had a new car!

Julie was an 83 YO widow when her son contacted us and requested that we meet with Julie to arrange a Reverse Mortgage loan. The son had recently purchased a large rural property and had discussed with his mother, the option of her borrowing some funds via a reverse mortgage to assist him in setting up the new property. ‘Julie’ was only too happy to be able to help, saying that she wanted to ‘give something to her son with a warm hand NOW, rather than a cold hand after her passing’!

Peter arranged a Reverse Mortgage loan with an initial lump sum to help Julie’s son with the new property. Julie & her son have made arrangements that the repayment of the loan will be made out of the son’s share of her estate, to protect her daughter’s (the only other beneficiary of her estate) interests.

Geoff was single ex-serviceman, (with no immediate family) who had spent the majority of his working life in the services. He retired with a nice pension & super fund and invested the majority of those funds in a small acreage retirement property. He was very comfortable for a number of years, living on the pension. Two of his friends purchased motor bikes and joined a mature aged bike club. Geoff wanted to buy a Harley Davison and go riding with his mates, but was not able to find the $30,000 he needed.

Peter arranged a Reverse Mortgage loan that not only provided the initial lump sum for the bike, but also a monthly instalment of $190 to pay for the petrol and bike maintenance. Geoff came by our office the day after he pick up his new ‘hog’. He certainly was a very happy client!

Barry and Annette had been living in their home for 48 years when Barry was assessed as needing to enter Residential Aged Care. They needed to pay an accommodation bond of $445,000 – money that they did not have. Barry was adamant that Annette should stay in their home, so selling the home was not an option. Peter arranged an Aged Care loan to meet the cost of the Accommodation cost and Annette was able to remain living in her home.

Brian and Maureen were 71 and 68 years of age when they contacted us. They were self-funded independent retirees, who had been living comfortably for the past 7 years on their retirement investments. The effects of the Covid 19 crisis had reduced their interest and dividend income by just on 50% and they were concerned about being able to maintain their life-style. Brian did not want to sell assets in the depressed market environment.

Peter arranged a Reverse Mortgage loan that provided regular monthly instalments to ‘replace’ the reduced interest and dividend incomes they had become used to. We explained that they would be able to suspend these instalment payments when their interest and dividend income returned to their previous levels. This allowed them to maintain their lifestyle, without sacrificing any assets!