Reverse Mortgages and Gifting or Lending
Gifting or lending money from a Reverse Mortgage to family is an allowable purpose when accessing equity in your home or secondary property.
The lenders will have some extra requirements to make sure you understand any implications this may have on Centrelink entitlements, like the pension.
For pension calculation purposes, Centrelink treat loans and gifts differently. This difference in treatment may affect you in the short or long term. We have a good understanding of how the different rules can affect you.
But care must be given to a number of considerations that may affect your future options.
- Borrowers should not access the maximum facility if doing so may prevent them from borrowing in the future for their own needs.
- To help avoid future problems, any gifting should be discussed with the other beneficiaries and family members.
- It may be appropriate to revise your will to reflect the gift.
We will be able to discuss your current financial position and recommend a structured reverse mortgage for gifting. This structure may maintain your current pension payments or minimise any potential pension loss.
Reverse Mortgages Australia
Your Trusted Source of Reverse Mortgage Advice, Delivery and Support
From the first consultation with us, you can expect experienced, empathetic, specialist advice and a solution tailored to finance your retirement living and personal objectives.
We will ensure any reverse mortgage is sourced from trusted reverse mortgage lenders in Australia and meets your unique goals and your situation every time.
