Susan Brooker - Financial Advisor

From the Infocus conference this week. A scary reminder to update your passwords. Make them longer. Scam emails are very smart. If there is anything you are unsure of, check with a phone call.

Setting a financial budget or intentions are usually pretty high on the resolutions. It’s a great project to reflect if your budget is aligned with your goals and values.

If you're age 60 or over, own your home and need to access money, releasing equity from your home may be an option.

The amount you can access depends on your age, value of your home and the type of equity release (lump sum or ongoing regular payment).

Generally if you are 60, the most you can “release” is 15-20% of your home value.

How does it work ? You can stay in your home and don’t need to make repayments while living there. If you sell or downsize, you will need to pay the mortgage back at that time. Interest on your borrowings compounds over time so it will increase as the years go by. You can make voluntary repayments earlier if you wish (eg, you received an inheritance or re-arranged your cashflow so you no longer need additional funds).

For FREE information visit www.moneysmart.gov.au/retirement-income/reverse-mortgage-and-home-equity-release. There is a couple of case studies and a great calculator.

⚠️ There are risks involved and a long-term financial impact. Get independent financial or legal advice before proceeding.

Warning ⚠️ this is NOT advice. We have not taken your personal circumstances into consideration and a reverse mortgage will not suit everyone.

In preparation for our new webinar series … we want to know what you want to learn about the most 😀