There area few options if you are retired depending on what income your still receiving. You could be retired and receiving income from your shares, business or rental properties that are valid income. However, the length of the income stream will be an important consideration for lenders too. Having all your paperwork in order to prove your income is a good step towards getting a home loan. It will also make it easier when you talk to us about your situation and working out your borrowing capacity.
If you are not receiving any income you may be able to release the equity in your current home through a reverse mortgage. This type of loan doesn’t need repayments or proof of income but it needs a qualified mortgage broker to explain the advantages and disadvantages. Mango Financial Services have qualified brokers who can answer all your questions regarding reverse mortgages.
Another option may be to simply downsize and release some of the equity in your home. You may still own a home that you can’t maintain or isn’t near the shops, transport etc that you want to be near. You may be able to find a more affordable smaller apartment nearer to those things and use the equity in your home. The repayments may be more affordable than if you rented in the same area.
Are you the type of person who wants to make the most of your opportunities?
If so, call us today for a free consultation on (07 5522 9522) or contact us using the form below.