The Senior discusses how you can use a reverse mortgage to consolidate debt in retirement
30 September 2020
The growing number of people carrying debt into retirement has led to an increased need for financial products that will suit retirees. When it was first introduced, the retirement system was designed with the assumption of owning your home outright. However, these days many people still have a mortgage they are paying off when entering retirement. Living on the Age Pension alone is already hard enough as costs of living increase, let alone continuing to make the required monthly repayments on a loan.
The Senior’s latest article on reverse mortgages discusses how retirees can alleviate this financial stress by using the equity in their home to repay outstanding debt, allowing them to choose when and how often they make repayments, or not make repayments at all until the end of their loan. Read the full article here.
If you are struggling with debt in retirement, please get in touch. Heartland is here to help you.
Information is accurate as of 30 September 2020 and may change from time to time.