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Post Info TOPIC: Reverse home loan
Gerty Dancer


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Date:
RE: Reverse home loan
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Actually, some of us have kids who may never be able to afford their own home under the present conditions, so we are considering them while we plan our finances. While I agree its not the major priority they are still our kids.... and we wont need it when we are gone.

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jimricho


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I believe that none of us on this forum (yes, that includes me) is in a position to give straight out "do or don't" advice on this issue as none of us are familiar with all Cannylass's personal circumstances. That is why I suggest getting independent professional advice on this and any other major financial matter.

It would be a pity if any member made an inappropriate major financial decision based this forum. However that said, some of the inputs in this thread may provide some "food for thought".

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Sheba


Guru

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Posts: 8735
Date:
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BobnBev wrote:

Sell and buy a small home in a small town, that way you are still the boss..

Bob n Bev

 That's the way I'm going, mainly because I need somewhere to keep my books.   Not losing them again.

Cheers,

Sheba.



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Ma


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Posts: 2924
Date:
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jimricho wrote:


It would be a pity if any member made an inappropriate major financial decision based this forum. However that said, some of the inputs in this thread may provide some "food for thought".

 I would like to think that members of this forum are level headed enough to digest the "food for thought" and make an informed decision after the appropriate financial advice was obtained as you stated Jim.

 



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cannylass


Senior Member

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Posts: 306
Date:
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I would not do that take advice from the forum that's silly it was just a question as to if any one on the forum had done it and if they were happy with the decision.There is a lot of sharks out there and one must be careful and we do no make rash decisions I only know of one person who has done it, He said he was able to get $15,000 he pays nothing but the interes,t come off the home when he is no longer with us and is sold..Its just interesting to read every one thoughts

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cannylass
neilnruth


Guru

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Posts: 3683
Date:
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Just read Bendigo Bank's webpage and it all depends on your age, the state you live in and your postcode. Sounds like if you are in the country they won't do it for you - probably because of re-sale value of house. Their blurb certainly makes it sound appealing though - but we wouldn't touch it.

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NeilnRuth
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