Refinancing in retirement

[Jeffa]

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?

[roughy]

They would account your income as the cashflow off your assets. I’d see a broker to get the best deal from all banks.

[erinak]

Yes, like Roughy, I would be looking at talking with people in the know. Weigh up your options with those who offer a non-biased opinion without vested interest.

[Viking]

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??

[erinak]

������ What more can I add! Looove it.

Just made my day and still chuckling.

[brokerman]

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.

[Keys]

.....Equity Release......

Reverse mortgage? IE. sell your home to the bank and let them compound the interest on your money until you have no equity left?

[artemis]

Reverse mortgage? IE. sell your home to the bank and let them compound the interest on your money until you have no equity left?

Better than leaving the inheritance to the cats home, if there is no family or at least none that need or deserve it. Let the cheque to the undertaker bounce.

[brokerman]

Reverse mortgage? IE. sell your home to the bank and let them compound the interest on your money until you have no equity left?

Oh please spare the outdated comments around this.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.

[Keys]

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?

[artemis]

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.

[Bob Kane]

Oh 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.

Methinks you protest too much.
You stand to make a lot of money from reverse mortgages.
Slightly bias viewpoint?
And you're giving advice?

[Beano]

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?

Banks assess your income
Since retirement and living off rental and capital I have borrowed over $20m

[brokerman]

Methinks you protest too much.
You stand to make a lot of money from reverse mortgages.
Slightly bias viewpoint?
And you're giving advice?

I make $350 for the introduction so I guess I'm biased. As an aside Heartland Bank have extended their product to Investment property, that might make a few feel a little easier.

[Bob Kane]

I make $350 for the introduction so I guess I'm biased.

LOL
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.