Money magazine Comments - Reverse mortgages: lifeline for retirees or risky move? A reverse mortgage lets you use the equity in your home to borrow money for retirement. Sound good? There's always a catch. https://www.moneymag.com.au/feed/latest?story=176707172 Sun, 29 Nov 2020 11:05:28 +1100 Sun, 29 Nov 2020 11:05:28 +1100 en-AU Copyright 2026 Money magazine 5 Money magazine Comments - Reverse mortgages: lifeline for retirees or risky move? https://media.moneymag.com.au/prod/media/library/Money_Mag/Logo/Logo_401x133.png Comment by Murray ROBERTS ()

isn't there also a government scheme similar to this that you haven't made mention of?

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]]> Murray ROBERTS () Sun, 29 Nov 2020 11:05:28 +1100 Comment by kevin forrest ()

considering reverse mortgage $40k / house val $600000 k considering heartland/ any other government scheme previously raised $60000k anz bank to be repaid from investments/ did not eventuate

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]]> kevin forrest () Tue, 01 Dec 2020 15:08:14 +1100 Comment by Richard Spain ()

Believe or not, sometimes NOT getting a reverse mortgage can create serious hardship.

As a case in point, when I applied for a reverse mortgage loan in 2017, I was informed that I was required to put up a cash set-aside because of a federal (U.S) tax lien. As I, unfortunately, lacked sufficient funds for the set-aside, however, the application was declined, and I have consequently been living below the poverty level and struggling for survival ever since.

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]]> Richard Spain () Fri, 02 Apr 2021 15:07:40 +1100