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Home Equity Release
If you are over 60, would like to
release some of the value of your home without having to move, an
equity release loan may just be your cup of tea (or er, coffee).
The amount you can borrow is dependent on your age and the value
of your home.
You may wish to
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Pay off an existing mortgage
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Pay for house repairs and renovations
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Upgrade to a new property
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Repair or upgrade your car
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Pay for health care
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Educate your grandchildren
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Travel
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Buy a boat or holiday home
Whatever you want to do, we can help.
Our Process
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To fully ascertain your current financial
position.
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To look at your financial and lifestyle goals
from the point of view of how we can help you to reach these with
the right structure.
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We deal with a lot of lenders. Home Equity
Release schemes or Reverse Mortgages are just part of the
arsenal. These may not be appropriate and being the well regarded
brokers that we are, you will be fully informed as to what is
available to you, at what cost, so that you can choose.
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With Home Equity Release products, you may wish
to consult your family. We have processes in place for this and
any legal help you may require.
We recommend you talk with one of our consultants
regarding these options. It costs nothing to talk, you are under no
obligation and it may help you formulate what you want to do. Our
service is free because the lenders pay us, the beauty being that we
deal with many lenders and have no ties to any one of them.
Questions you may have;
Question 1:
Do I continue to own my property?
Yes, you still have full ownership of your
property and can continue to live in it for as long as you wish.
Question 2:
Are there any monthly, or in fact any,
loan repayments required?
This type of loan is designed to last for the
rest of your life. It will usually be repaid only when you die or
move into long-term care. While you may make an earlier repayment
with no penalty, full repayment is only required in the event you
die, go into long-term care, or move from the house.
Question 3:
Can I move if I want to?
Of course, you are able to move house at any time
and your loan can be transferred to your new home provided it meets
our lending criteria. If you are contemplating a move, it's best
that you contact us first.
Question 4:
Do I need to get my house valued?
When we receive an application for a Home Equity
Release Product from you, we will arrange to conduct an inspection
of your property. This will be used to assess the value of your
home. You will be contacted in advance to arrange a suitable time.
Question 5:
What will happen if between now, and
when the house is sold, property prices fall such that there is
insufficient funds to repay the loan?
An important feature of the Home Equity Release
Product is what we call a Loan Repayment Guarantee. This means that
when you are no longer living in your home and your house is
therefore sold to repay your Home Equity Release Product, the loan
repayment will be limited to the net sale proceeds of your property.
Question 6:
Will there be any residual value in
the property following the repayment of the loan?
This will depend on the amount borrowed and the
future growth in the value of the property provided as security for
the Home Equity Release Product.
Question 7:
Home Equity Release sounds good and maybe what I want. Do you also
look at alternatives for me?
Yes. Our responsibility as NZMBA (New Zealand
Mortgage Brokers Association) brokers is to examine your total
situation and come up with as many solutions as are available. The
Home Equity Release may not be your best option in your
circumstances. At the end of the day we have access to a wide range
of experience based solutions.
Websites you can
refer to:
www.osc.govt.nz
www.asic.gov.au/fido/fido.nsf/byheadline/reverse+mortgages
Talk to our team on 09 410 6023 or 0800 005 066
or choose who you would like to deal with from
here.
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