Reverse Mortgages: Get the Facts and Make an Informed Decision

As the cost of living continues to rise, and fixed incomes fail to keep pace, more and more senior homeowners are choosing to access equity in their homes to supplement their incomes and/or to pay for things such as a newer vehicle, home improvements, travel or even private health insurance premiums.

The offerings and products of the various reverse mortgage or equity release lenders are quite diverse, and potential applicants can often be confused by the number of issues that need to be considered. Deciding which company to go with, whether to take a fixed or floating interest rate, and whether to access the funds by way of a lump-sum or instalments is made easier with expert guidance. Contacting the various reverse mortgage lenders yourself and then seeing advisers representing each of those lenders can be a time-consuming and often confusing exercise.

A specialist mortgage broker, Wayne Lawrie, has established a division of his existing business that is dedicated solely to providing free, no-obligation, specialist reverse mortgage advice to seniors who are keen to take advantage of his industry knowledge and experience to become more informed about their options.

Having been actively involved with reverse mortgages since 2004, Wayne’s intention is to provide potential applicants with a one-stop shop via the business, which is called Senior Solutions. “I believe that reverse mortgages can offer very good solutions to Senior homeowners that have needs that they are unable to meet from income or cash resources – but it is important that they receive good quality advice, without pressure or obligation, from suitably qualified advisors, to ensure that they make the right choices the first time. I consider myself fortunate to be able to offer this advice at no cost to the client.”

Wayne stressed that people that may be interested in learning more about reverse mortgages should seek the facts, rather than relying on the opinions of others. “I am aware that many people that could have benefited from reverse mortgages have not sought expert advice due to an uninformed friend or acquaintance expressing a negative opinion about reverse mortgages”. “What have people got to lose from having a free, no-obligation, no-pressure discussion with a professional, experienced advisor who can discuss the market and the options? – after all, good advisors will always recommend that their clients speak with their own Solicitor prior to making application for a reverse mortgage.”

Much has been written about reverse mortgages and independent commentaries are available via the Retirement Commission website (www.sorted.org.nz), and the Office for Senior Citizens (www.osc.govt.nz). Many Solicitors have also acknowledged that reverse mortgages can provide seniors with meaningful choices and options, and some have referred their own clients to specialist advisers with a view to ensuring that their clients obtain the right product, on terms that are consistent with their needs.

According to Wayne, the message for seniors who are considering their options is a simple one: “Don’t dismiss a reverse mortgage as an option without first communicating with an expert. An enquiry costs you nothing and you might determine that a reverse mortgage is the best option for your circumstances.”

To contact Senior Solutions, please call Wayne Lawrie on 09 428 2223 or 0800 698 463, or email him.

For more information, visit the Senior Solutions site here!

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