Real client stories
Reverse mortgage to unlock equity in their home
Anne and Tui
For Anne and Tui, a reverse mortgage negotiated through mortgage broker Kevin Lee has helped to unlock the equity in their home and free up some cash for the finer things in life.
Having returned from a 16-year stint in Papua New Guinea – the couple were faced with the prospect of no superannuation savings and an inflated cost of living. While the pension provided them with enough for the basics, they found their savings quickly diminished.
"We were considering selling our home and downgrading to something smaller to free up some cash,” said Anne. “But we loved our house and our neighbours - so our son suggested we use the equity in our home to apply for a loan.”
The McLeans spoke to Smartline and were able to secure a $40,000 reverse mortgage. Since the loan was approved, the McLeans have been able to purchase a new car, buy new furniture for the house and keep some cash in reserve for when it’s needed.
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