Aged Care

Pay for your aged care accommodations

Use an A.S.A.G. Reverse Mortgage to pay for aged care without having to sell your home.

A.S.A.G. Aged Care Reverse Mortgage option can be the solution for you and your family. Based on the age of the borrower, you could unlock as much as 50% of your home’s value.

Living Longer, Living Better

In 2014, the government introduced the Living Longer, Living Better reforms to improve the quality, accessibility, and sustainability of aged care in Australia.

Although Australia is renowned globally for providing excellent and all round aged care facilities and quality of care, they can be quite expensive. These can depend on the chosen type of accommodation and the location of the facility. If one of your family members is going into aged care, you may face several fee layers, like the following.

• Daily Accommodation Payment (DAP),
• Means-tested daily fee,
• Daily care fee, and
• Refundable Accommodation Deposit (RAD).

The RAD, an upfront lump-sum payment, is often the hardest to pay to the aged care facility. Families are usually shocked to find they need to shell out between $300,000 and $500,000, or even more in some cases. This is if they want to pay for residential aged care through a RAD with a lump sum rather than paying a DAP on a daily basis.

Many families will be required to sell the family home to accommodate for funds to pay for a RAD, which may cause distress. Although, in most cases, the house could be retained by using a reverse mortgage to fund aged care costs.

Use A.S.A.G. Reverse Mortgage for Aged Care Funding

If you have limited cash to pay for a RAD or other fees for aged care, there’s an option suitable for you to avoid selling your home.

A.S.A.G. Aged Care Reverse Mortgage option can be the solution for you and your family. Based on the age of the borrower, you could unlock as much as 50% of your home’s value.

It’s among the few specialist aged care reverse mortgage loan products available in Australia. It provides a funding alternative to those going into residential aged care and their families.

The interest is added to the loan on a monthly basis, and there’s no need to make regular repayments. You retain ownership of the family home and release equity to pay for aged care costs, providing much relief to you and your family.

Here are some useful aged care resources for more information before making a decision of whether an A.S.A.G. Aged Care Reverse Mortgage is the right decision for you and your family:

• My Aged Care
• A.S.A.G. Reverse Mortgage Product Guide