Using a Reverse Mortgage to pay off debt
You may not be aware, but many Australian seniors share a common problem: meeting the monthly repayments of high-interest personal debt. A 2014 report released by Reverse Mortgage industry body SEQUAL1, revealed that debt consolidation is one of the most popular uses for home equity release finance with 33 per cent of seniors using a Reverse Mortgage to pay off debt such as accumulated credit card balances and bank loans.
No one wants to spend their retirement years worrying about high interest debt, but it is a sad fact that many do. These days aged pensioners and self-funded retirees are finding it more difficult to sustain a dignified life on limited income. Many are turning to credit cards to make ends meet.
Heartland Seniors Finance has the solution you need.
Heartland Seniors Finance offers a Reverse Mortgage loan product that will allow you to pay off debt in a lump sum - without the need for ongoing monthly repayments, and with an interest rate that is often much lower than credit cards or personal loans. This could save you thousands of dollars in interest and, best of all, with no more worries about finding the money for your next repayment, give you peace of mind and allow you to enjoy life again!