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Reverse Mortgages Are The Best Way to Enjoy Your Retirement

As people get closer to the age of retirement it gets harder and harder to get a loan from a bank. Older persons become a risky group and the banks simply don't like taking chances and giving them loans without being sure that they'll be able to return the money. That's why reverse mortgages are becoming very popular in Australia lately. Reverse mortgages are a perfect way to get money if you're older than 60. Some banks prefer the age of the person that's asking for a loan to be over 65, but all banks have their own method of working. So what it means and how does it work? A reverse mortgage basically means that the bank loans you money and you don't return a cent until the property you own

This is How You Get Reverse Mortgage Newcastle

A variety of loan options are available to us nowadays and there’s nothing wrong when we want to take advantage of as many of them as possible. This isn’t the case with reverse mortgages, though. These services are available only to senior citizens and not everyone can apply for one. Australia has this product pretty well-developed and getting a reverse mortgage Newcastle is totally doable. As long as your age is 60 years or more, you can apply for a reverse mortgage. Oh, wait, there’s one more thing – you need to own a house and to have no liens on it. So by now you have realised that a reverse mortgage is perfect for people who are cash poor but have decent home equity. The more your home

Is Selling a House That Has a Mortgage Impossible?

Today’s real estate and economic system has really made it easier for people to trade, sell and buy. That’s because we all love money and people and institutions alike are all aiming at always registering a profit. Restrictions which took place in the past are no more and this even goes for selling a house that has a mortgage. They say you have no equity in your home when it is mortgaged because of all the money that you owe. This isn’t entirely accurate because you still have the power to do whatever you see fit with your property. Australian regulations allow you to sell a house that has a mortgage and at the same time pay off your loan with the proceeds from the sale. Your only main goal

Selling Home by Owner Has its Pros and Cons

In life we need to make the same choice in many situations. We have to decide whether we are prepared to sacrifice a lot of time and nerves and deal with something alone. The other option is to buy our convenience and pay professionals to run our deals. This is definitely the case when we want to get rid of a property. Selling home by owner holds both benefits and risks. What we will do below is outline some of the advantages and disadvantages of such an endeavour. Time is money they say and in your case you will need to devote plenty of time if you want to make plenty of money. See a correlation? Yes, there is one. You basically will need to become a full-time real estate agent yourself if

Selling a House That Has a Mortgage

A 30-year mortgage on a home sounds like this big scary thing but is it really? Most people think that you will be stuck with a loan for the rest of your life. Selling a house that has a mortgage, though, is definitely not impossible. Furthermore, you will be amazed by the number of mortgaged properties which are being sold. In all fairness, this is not dangerous or in any way risky as long as the equity of the property is enough so that the debt can be repaid. While the procedure does have some strict rules, it is pretty simple. What happens is that as you sell your house, the proceeds from the sale are used for the mortgage to be repaid. First things first, you need to contact you lender w

What is an Equity Conversion Mortgage?

The name here speaks for itself, essentially. A home owner is allowed to receive money in exchange of some equity. And by that we mean that the home owner borrows money, they don’t just receive it. We will discuss some aspects of this product below in attempt to explain properly what is an equity conversion mortgage. In short, this service is also known as a reverse mortgage. This means that instead of using your home as collateral in order to secure a loan, you simply release some of your equity. With an equity conversion mortgage you do not pay money back each month or even each year. The debt is instead paid back after the property is sold or after the borrower(s) pass away. There are a f

How to Retire Early in Australia

The sooner, the better. That’s what they say and this applies fully when it comes to retirement. It is obvious that nobody wants to work until they are too old to enjoy life. Needless to say a number of seniors in our country look for was about how to retire early in Australia. While it does sound great, it is rather hard to achieve. Such an endeavour is very ambitious and it is directly tied with financial independence. Unfortunately, you need to do a lot of math before you can call it a career and head to your log cabin in the woods in order to enjoy your hobbies. Once you calculate your living costs and consult with an agent you should now have a much clearer picture about when you can re

Here’s why the Right Choice is to Sell with Agent

Who doesn’t want to make a profit from selling real estate? No, this isn’t a question – it’s a statement, a rhetorical one. Unfortunately, most people are under the impression that if they hire real estate agents, attorneys, photographers and other professionals, their profit will be minimal due to all the expenses. In the following piece we will explain why this notion is wrong and why if you decide to sell with agent you will end up being way happier with your deal. The usual commission for a real estate agent in Australia is 3.5% of the price agreed in the deal. That means that if you sell your house for $100,000 you will end up paying $3,500 to your realtor. That sounds like a lot of mon

Reverse Mortgage Requirements

When senior citizens look for a financial injection there aren’t very many options on the table as institutions avoid giving them long-term loans. While this is perfectly understandable, it is still great if these citizens can get their hands on some money. This is why there’s something called Reverse mortgage in Australia. This transaction allows elder people to receive money in exchange of parts of the equity of their homes. Naturally, such a financial service has rules and this is why now we will take a look at the reverse mortgage requirements. First and foremost only people at the age of 60 or older can qualify for a reverse mortgage in Australia, In fact, more often than not some banks