Using a reverse mortgage for life’s big purchases

Using a reverse mortgage for life’s big purchases

It was a pleasure to meet Barry and Helen from Perth.

Great people in their early 70s who needed advice and guidance on how to use some home equity to replace their car, which Barry described as “getting a bit old in the teeth”.

Having always bought new cars, they felt that they needed to purchase another new car and after much research and testing had their heart set on a new model Subaru Forester.

Barry explained: “We can live quite comfortably on the pension plus money from a part time job, but large purchases such as a new car are now out of the question.

“So, a decision was made to try to source funds for the new car by using the equity in our house through a reverse mortgage, and this is where Smooth Retirement and Scott Phillips came in.

“It was a real pleasure meeting and talking to Scott. He listened to what we had to say, understood exactly what we wanted and advised us accordingly.

“We did not want to see the equity in our house diminish over time which a reverse mortgage can do, so wanted to be able to repay the loan when we had the spare funds to do it.

“Thanks to Scott’s work on our behalf we were able to get a reverse mortgage approved very quickly and now have a new car and additional money held for us in case we need funds quickly.

“We can also repay the loan and hopefully in time be mortgage free once again.

“Our thanks go to Scott and the team at Smooth Retirement for the help, financial advice and support they have given us.”

It was our pleasure Barry and Helen!

Smooth Retirement Pty Ltd is an independent service providing expert guidance in equity release and retirement income planning Australia-wide. ABN: 46 619 010 445; AFSL 510015; Australian Credit Licence: 510015; smoothretirement.com.au; info@smoothretirement.com.au; 1300 510 015. Terms, conditions, fees and charges apply. 

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