Debt Consolidation

Consolidate debt with a reverse mortgage

Many seniors don’t want to live out their retirement worrying about existing debt and mandatory regular repayments. But, most of them do, and it’s the sad truth.

Consider an A.S.A.G. Reverse Mortgage in your retirement planning to consolidate your debts of existing mortgages or credit cards and eliminate any regular repayment requirements.

Debt Consolidation with an A.S.A.G. Reverse Mortgage, a Normal Option in Retirement Planning

For many Australian seniors, the home holds much wealth for those transitioning into retirement. But, a lot of retirees or retirement planners are faced with the burden of carrying existing debt through mortgages and credit cards into the next phase of their life after leaving the workforce.

Debt consolidation can be a preferred and normal option in retirement for A.S.A.G. customers who acquire an A.S.A.G. Reverse Mortgage. They are able to repay outstanding debt in one lump sum and remove any requirements to make regular repayments.

The ability to free up cash flow negates stress and gives peace of mind in the time that you’ve earned it the most.

An A.S.A.G. Reverse Mortgage could provide you access to some equity in your home to pay off outstanding debt in retirement through a lump sum option — with a competitive interest rate. Other than debt repayment, additional funds could be released for any valuable purpose such as home renovations and improvements, a new car, medical costs, travel, or day-to-day living expenses. Just like an initial advance, funds can also be drawn as a cash reserve (a line of credit) or regular instalment for more benefits.

An A.S.A.G. Reverse Mortgage could be the suitable solution for your debt

With a competitive interest rate compared to personal loans or credit cards, an A.S.A.G. Reverse Mortgage could allow you to unlock equity in your home to repay outstanding debt in retirement through a lump sum option.

Aside from an initial advance, another way to draw funds is through a regular instalment or keeping a safety net side with a cash reserve (a line of credit).

Furthermore, just like paying your debt, additional funds could be used for any useful purpose, including a new car, home improvements, medical costs, travel, or living expenses.

If you have an existing reverse mortgage with another provider, A.S.A.G. may also allow refinancing for flexibility and additional funds in your retirement.

One of the benefits of this type of equity release is that making regular repayments is not required. Calculated on the balance outstanding, the interest is then added each month to your loan.

Voluntary repayments are allowed and can be done at any time — reducing the interest and  balance charged. The total interest charged and the amounts drawn will be payable at the end of the term of your loan, when you permanently move from your home.