Are you living in an apartment building or unit block & struggling to keep up with rising strata levies? A Reverse Mortgage loan might be a solution.
Using Reverse Mortgage to pay strata fees
Your retirement years deserve to be happy and stress-free. Yet, rising strata levies are casting a shadow over the retirement dreams of many Australians.
In NSW for example, the average strata fees payable by lot owners to a body corporate recently increased to up to 45%. Many seniors who rely on limited income are worried about how they will pay such bills.
But with a Seniors First Reverse Mortgage, you can overcome this burden without giving up your strata property.
You’ve invested your heart and soul into your home, and now it’s time for your home to invest in you. With Seniors First, you can tap into the equity you’ve built over the years and cover those rising strata levies without sacrificing your hard-earned comfort.
A Reverse Mortgage loan empowers you to stay in the place you love and cherish while transforming your home equity into a powerful financial resource.
No more sleepless nights worrying about how to make ends meet. No more compromising on the little joys that make your retirement truly special. With Seniors First Home Equity Release, you can maintain your independence, cover your strata levies, and embrace the freedom to live life on your terms.
Benefits of Reverse Mortgages for Paying Strata Fees
With a Reverse Mortgage, you can address the rising cost of strata levies without the need to uproot or sell your beloved home. By releasing some of the equity you've accrued, you remain the proud and full legal owner, reaping the rewards of any property value increases resulting from improvements and remodeling.
Choose the financial option that suits you best. Whether it's a lump sum, regular income payments, a cash reserve, or a combination of these, a Reverse Mortgage provides flexibility. Seniors seeking relief from financial obligations such as strata levies will appreciate that no regular repayments are required, giving you more control over your finances (the amount borrowed plus any accumulated interest and fees is repaid upon the future sale of the property).
Compared to high-interest personal loans or credit cards, Reverse Mortgage interest rates are typically lower. If you find yourself in a situation where you have substantial assets but limited income, refinancing with a Reverse Mortgage for paying strata levies can significantly enhance your quality of life. The accrued interest is intelligently managed by being 'capitalised' and charged back to the loan account each month.
By choosing a Reverse Mortgage, you're not just addressing the burden of rising strata levies; you're preserving your lifestyle and enjoying the peace of mind that comes with it. Stay in the place you love, maintain your independence, and savour the little joys of retirement without unnecessary financial worries. With a Reverse Mortgage, your home becomes your financial ally, supporting you through the challenges of strata levies while safeguarding your cherished memories.
As an award-winning finance broker and with over a decade of experience, Seniors First can help you pay strata fees by releasing your home equity with a Reverse Mortgage Loan.