Reverse Mortgages and Equity Loans
I started this new thread because the topic of "Reverse Mortgages" and "Equity Loans" keeps popping up - and I am interested in hearing from people who have used them.
Are they good or bad? What are the benefits and pitfalls? What questions should be asked? What to look out for in the paperwork? What do you do if you want to cancel after a period of time? What happens if the value of your property goes down? What happens if your property is destroyed? What effects (if any) are there on CentreLink or other pensions - or super? What happens if one or both of you need to go into a Nursing Home? How can you be sure your estate will have enough to cover fees, costs etc - and possibly leave something for the beneficiaries of your Will? Is formal "Estate Planning" a good idea? Who do you go to for un-biased advice?
Sorry to put up so many questions, but I know a few people who have had differing experiences when using these products. I am also very sceptical about the goodwill of banks and other lending institutions.
Hi,
I am so pleased you have taken up this issue and started a fresh forum on it. I was extremely impressed with the replies that came to my query but this programme seems to take ages once the pages start to fill up.