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In Australia more than 2 million people over the age of 60 reply on Social Security, more than 200,000 Australians will turn 60 each year between now and 2031.
A vast majority of these seniors have not provided for enough money through savings or superannuation during their working like to provide them with a comfortable retirement plan for a variety of reasons.
For many Australian’s they did not have a compulsory superannuation plan in place during their working life , unlike today when in 1992 compulsory super was launched.
People were not encouraged to save or visit a financial planner for retirement planning. Now that they have reached retirement age it is too late for many .
What they did have was the “Great Australian Dream” of owning their own home and it is this that they now have to turn to obtain a comfortable life style in retirement.
More than half of retirees over 65 live on a household income of less than $30,000, while more than 29 per cent of retirees do not have any second income but only the age pension. So it is to their main asset, their home, that they are now turning to provide them with a reasonable lifestyle.
There are several ways that seniors can access the equity or asset value they have built up in their home depending on their age and current situations via Reverse Mortgages; Seniors Home Equity Release Loan and Asset loans.
Reverse Mortgage or Seniors Finance Equity Release Loans –
These are designed for people who own a home and are over sixty five (65) years of age.
They can access the equity in their home according to the age of the youngest borrower and the value of the home, no repayments are required on the life of the loan and the Title of the home stays in the borrowers name lifetimeloan@seniorsfinanceaustralia.com.au or, to download an application form for a Reverse Mortgage click here
Joint ventures with financial institutions –
Some financial institutions offer various plans to purchase percentages of homes with the borrower having the right to live in them for life. These plans vary and it would be very wise to have your lawyer look into this type of arrangement .
Tel: 1300 881 807
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