Page 7 - Senior Scene Sydney 2019
P. 7                                                                                                                      PAGE 7


                                                                                    of your property. You are then co- back. The fees payable to get out of
                                                                                    owners  of  the  property  with  the the scheme are also high. To sum-
                                                                                    bank. Don’t be fooled! This is not marize, it is difficult and expensive
                                                                                    the same as a Reverse Mortgage! It to  get  that  percentage  of  your
                                                                                    is not a loan. “They” are not lend- property  back,  if  you  so  choose.
                                                                                    ing you money against your home. This type of scheme is banned in
                                                                                    It is a partial purchase. The valua- some countries. If you are consid-
                                                                                    tions for this type of scheme typi- ering  this  type  of  arrangement,
                                                                                    cally come in very low so you risk please call us. We will go through it
                                                                                    being paid a below-market sum for with  you,  in  detail,  explain  our
                                                                                    the percentage being purchased by reservations,  and  possibly  save
                                                                                    the lender. Conversely, if you want you some heartache.
                                                                                    to buy back the percentage previ- We  do  not  offer  this  type  of
        We want to make sure you get a re- locate the best options for refinanc- ously sold, the valuations typically arrangement.  We  only  offer  real
        ally great, outcome, and I am look- ing and purchasing. Once you stop come  in  high,  so  you  might  find loans which can be repaid at any
        ing  forward  to  your  call  and  to working, or reach the age of 60, it yourself paying a higher than mar- time.
        meeting a new friend. All the best may be preferable or necessary to ket  price  to  get  that  percentage
        till we talk soon, Anyone over 50 use  a  reverse  mortgage  which  is
        needs special help getting finance. designed particularly for seniors.
        If you are still working you will be Firstly, I would like to mention the
        able to get a loan based on your in- one  option  that  we  do  not  offer,
        come  but  the  loan  term  may  be and explain why not, so that you
        shortened making the repayments understand our position right from
        higher  and  the  serviceability the  beginning. The  Home  Rever-
        tougher. It will be much easier for sion is a scheme where a bank or
        anyone over 50 to use a broker to so-called lender buys a percentage

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