Most of us spend a considerable time raising a mortgage, a family and planning for some sort of comfortable retirement.
We often take delight in finally repaying the mortgage, but then wonder how we can take advantage of the debt free situation to tackle the other little things that just prevent us from a carefree existence.
Some of those things are home improvements, motor vehicle needs, in-home care, debt consolidation or simply to ease the pressure of day to day living expenses. That painful hip joint can be a constant reminder of the time we cancelled our health insurance because the premiums were just getting beyond us!
We can ease that burden by a Reverse Mortgage which enables us to release some of that equity in our home to do some of the things we've talked about - but without the need to repay - in fact we can now choose when we want to draw down some funds and when or if we want to repay some!
Of course there are many advantages and also some detail to discuss with our family and legal advisers, but a leading Reverse Mortgage provider Heartland Bank is only too happy to guide us though the process!
At Thompson McNeill we have recently been able to help some clients who simply wanted to downsize to an "over 60's" unit but just didn't quite have enough sale proceeds from the existing home. Other clients just wanted to make life easier by clearing up some of that niggling debt that was taking too much of their income. There will be some of us who just want to know we have some flexibility around the Covid-19 challenges!
Are you - or anyone you know in that situation? Give us a call on (03) 281 8605 or
email us at:
We'd love to help!