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.

5 comments

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.

Hi Ariescards. As with most forums, it often becomes hard to find information when there are a lot of replies on the one thread - or where people (including myself sometimes) don't use separate paragraphs for a new comment or topic.



As far as this being slow, I was blaming my computer. I blame my computer for lots of things e.g. not having washed up the dishes, not having mopped the floors, not having rung certain people recently etc etc.



Cheers...

I asked my daughter to check with her computer re the speed of using this programme and she said it was fine for her, but she uses Apple. Then again I am able to use it now quite easily and it could be because it is only 6.44 am, so maybe it has to be with how busy the line is at the time of using it.



What I was unable to include in my last comment was that I think it is very important that this has started as a new thread. My daughter had never heard of it. So all I can say is if you are contemplating either of these issues, get your family members to read these threads too, as it may save you a lot of problems, especially if you are relying on them to make these decisions for you.



On the whole, negative feedback came back re the Retirement Villages and I sense that the feedback that I have received by direct mail is going to be very similiar on this thread. Of course if you have won Lotto etc. then that is a completely different ball game. I look forward to reading about this topic that I know nothing about. LOL



Keep it coming.

if you are seeking independent information re this subject and other related issues there is a govt funded website with lots of info.

just goggle NICRI.



they do not give advice but have lots of information.



queries re banks or problems with same there is also the financial services ombudsman.



just goggle to get websites.

regards

This link came from google

...



http://www.commerce.wa.gov.au/ConsumerProtection/PDF/Publications/reverse_mortages.pdf



and if as our friend sugests you type in the words

...

Reverse Mortgages for Seniors ...........you will get a lot of other info to look at

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