Premium Finance Stories

This is Lynette, a Relationship Manager with Premium Finance Services.  I was a bit saddened the other day when I read an article on “Reverse Mortgages” and the ever increasing number of Australian Retirees taking this option to help fund their retirement.  Over 30,000 Equity rich but cash poor retirees have drawn down on the equity in their major asset, their home, to fund living costs such as food and clothing.  A large proportion of these retirees have spent their adult life paying off their home over many years, now they are re-mortgaging their home to survive.  They are not required to make any payments on the mortgage but the interest compounds over the term of the loan until the home is sold, you move into an aged facility or you pass away.  The question for me is will their be enough proceeds from the sale of the home to pay for an aged care facility ?  This type of loan definitely deserves a bumper stick “SPENDING THE KIDS INHERITENCE – QUICKLY”   I believe a bit of future planning for retirement would not require this type of drastic solution.  Seek help today and make a plan !!

Tags: Brisbane, Melbourne, Premium Finance, Premium Finance Services

This entry was posted on Thursday, July 2nd, 2009 at 5:19 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.