Learn about reverse mortgages and how they work with this video overview by our advisor, Paul Dwyer as he explains the crucial details, the processes and the protections involved in meeting later life needs with a reverse mortgage loan.
For example, when your land value is $1,000,000 against a capital improved value of $1.6m, you will be charged $4,650 in 2025. One of your options to continue using your property is a Line of Credit reverse mortgage. You set a facility amount to use when you wish, and interest is charged on the amount you use. Note that interest is compounding. If you take a long-term view, with a capital growth of a conservative 3%, that is $48,000 growth per annum ongoing. Using the reverse mortgage Line of Credit, borrowers have the capacity to pay Land Tax and most other maintenance costs in order to retain their prized enjoyment.
An amount of $800 per month for 2 years should not affect any age pension entitlements. Speak with Paul to learn more about reverse mortgages and gifting and how your personal situation may assist your family.
