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Semi-retired, lost most of her money to an old flame. Options?
Also is she getting Accommodation Supplement, probably qualifies for some amount? She will get more if she stops or reduces work so maybe you could give her a hand to work out if it would take some financial pressure off.
Thanks for this advice too - I'm going to look more into reverse mortgages and see if she'd qualify, and what they entail exactly. She's with ANZ, I might call to ask on her behalf. Thanks you guys - I really appreciate all of these suggestions. She does deserve better than working 4 days a week for minimum wage!!
'If she takes out a reverse mortgage that inheritance could disappear quickly'.
Not sure I agree here, yes in theory the world could stop tomorrow however one of the benefits of a reverse mortgage is that the amount loaned is generally under 50% of the value so even allowing for capitalised interest as the capital gain is on the whole value, it is extremely unlikely that the mortgage would erode the whole equity anytime soon. Just sayin!
Agree for min repayments. In a few years she may be ready to move. I suppose she just wants some stability right now knowing she is fine and will be able to carry on. Hope she has a good support network to help her through the transition.
Thanks for this advice too - I'm going to look more into reverse mortgages and see if she'd qualify, and what they entail exactly. She's with ANZ, I might call to ask on her behalf. Thanks you guys - I really appreciate all of these suggestions. She does deserve better than working 4 days a week for minimum wage!!
I'm close to her age, well same decade, and the way things are at present with interest rates a reverse mortgage would not be my choice. At least by downsizing and repaying the debt she owns her home unencumbered. Having worked as many years as she has to get what she's got and then be indebted to the bank is not where I imagine she saw herself being at this time of her life.
If she wants to continue working to supplement her pension then the money can be used to have a life, travel, have some experiences, not stay put and fund the salaries of the bankers.
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