Pensioners attack state reverse mortgage scheme
The 2018 Federal Budget expanded the Pension Loan Scheme (PLS) to allow all retirees to obtain a state run reverse mortgage, which allowed pensioners to boost their retirement income by up to $17,800 for a couple without impacting on their eligibility for the pension or other benefits. Now, seniors groups are demanding that the 5.25% interest rate attached to the PLS be lowered in line with rate cuts by the RBA: The current 5.25 per cent interest rate for reverse mortgages un