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.
THESE LOANS ARE ALWAYS TRANSPARENT
I spend quite some time with my Senior clients. I always make sure they understand what they are doing and that they are not feeling pressured. I want to know what they want the money for and what it will achieve for them. A Solicitor also explains the contract and how it works to ensure it is appropriate. These loans are always transparent.
WHY ARE THEY SEEN AS NEGATIVE BY SOME?
If I love these loans, why are some people are so negative about them. Those who are negative are usually the offspring and benefactors of these senior people. They see these loans as an erosion of “their” assets. It seems they don’t care about the wellbeing of their parent or relative and they have already laid claim to their belongings. They cl aim that their parent will lose their house but this is not true.
The assets belong to those who have acquired them. They should feel free to do as they wish with their own assets and use them for their own life needs.
Note: Where a lender BUYS a percentage of the property this is not a Reverse Mortgage and is NOT recommended.
THE TRUTH AND THE FREEDOM IT PROVIDES
A Seniors Loan or Reverse Mortgage enables those who own a Real Estate asset to use a portion of the equity in that asset, for their own financial needs, without having to make repayments.
Essentially, a person 65 and over can supply their own needs from the wealth they have acquired over their lifetime, and need not rely on anyone else to help pay for their needs. To many, this is a huge relief. They are not forced into selling their home with the large associated costs, or downsizing to release funds.
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 on the Age Pension. Let’s face it, the pension is not enough to live on! Some take a Reverse Mortgage so they can live a more relaxed lifestyle and don’t need to worry about having enough money.
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.
When I am talking to people in this situation I help educate them about what they need to do to avoid getting into this kind of debt again.
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 and with a deposit for a first home.
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 Sandra from Every Loan on 96532034 for a pleasant conversation about Seniors Loans. You do not need to proceed to a loan. I will be happy to help you understand your options.
For more information about an assessment of your loans, contact Sandra from Every Loan on 96532034 who will be happy to clarify your options in specific detail.