I live of equity (several lines of credit)and rents, how do banks see me with no job but plenty of equity and clipping the ticket on my rents across my portfolio if I want to refinance and buy more property?
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Refinancing in retirement
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They will put you through their latest invention known as your financial health check. Never mind that you are wealthier than the junior you will deal with, nor that that person has much idea about bugger all when it comes to making money.
They now have more rules by which to rule you.
Yep, just been through that and another round tomorrow. Different Bank.
enjoy . Oh and I found that a broker was as bad as the bankers.
Why is it, that broke people want to tell wealthy people how to run their lives??
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Haha to the above! An option to the OP is Equity Release. Heartland Bank pretty good at these. Mainstream banks have little appetite although a couple of non banks would be keen. All round ability to pay and driver.www.ilender.co.nz
Financial Paramedics
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Originally posted by brokerman View Post.....Equity Release......
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Originally posted by Keys View PostReverse mortgage? IE. sell your home to the bank and let them compound the interest on your money until you have no equity left?
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Originally posted by Keys View PostReverse mortgage? IE. sell your home to the bank and let them compound the interest on your money until you have no equity left?www.ilender.co.nz
Financial Paramedics
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As one who manages property, one who has personally seen the angst of renting by the elderly, one who cares for my parents?
Yip, happy to have the cheque bounce at the undertaker. Tell me, when will I die?
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Keys, reverse mortgages are definitely only for a few. Where they come into their own is for a home owner who is asset rich, cash poor and with no heirs. They get to stay in their home as long as they are sufficiently independent, get the roof leaks fixed and the dead fridge replaced.
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Originally posted by brokerman View PostOh please spare the outdated comments around this. Would you rather have someone with a heap of equity sit at home all day and die of boredom or use the equity, which is their money, and have fun? Your comments remind me of rellies scared of losing 'their' inheritance.
You stand to make a lot of money from reverse mortgages.
Slightly bias viewpoint?
And you're giving advice?
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Originally posted by Jeffa View PostI live of equity (several lines of credit)and rents, how do banks see me with no job but plenty of equity and clipping the ticket on my rents across my portfolio if I want to refinance and buy more property?
Since retirement and living off rental and capital I have borrowed over $20m
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Originally posted by Bob Kane View PostMethinks you protest too much.
You stand to make a lot of money from reverse mortgages.
Slightly bias viewpoint?
And you're giving advice?www.ilender.co.nz
Financial Paramedics
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Originally posted by brokerman View PostI make $350 for the introduction so I guess I'm biased.
You're making it sound a small amount doesn't mean you're biased?
Either you're making money or you're not.
If you're making money then you're biased.
10 introductions = free trip around the world.
Well worth it.
No wonder you're trying to defend reverse mortgages.
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