Is an existing mortgage causing you sleepless nights? Taking the fun out of retirement?
If you’re retired and still paying a mortgage, there’s a fair chance it’s taking a sizable chunk from your retirement income each month. You’re certainly not alone – an increasing number of Australians are carrying mortgage debt into retirement.
There is a solution.
You can stay in your home, refinance your mortgage and free up your retirement funding to enjoy a more comfortable retirement lifestyle. You can use your household capital, the wealth built up in your home, to rid yourself of the bank, the mortgage and monthly repayments.
The mortgage landscape for retirees
A recent survey of retirees found that 87 percent believed Australia’s big banks have abandoned the needs of retirees.
Credit extended by banks to retirees has all but dried up, so refinancing a mortgage to take advantage of lower rates is increasingly difficult – or in most cases, impossible. At the same time, many retirees have experienced interest only loans being converted to principal and interest, often with little warning.
Mortgage stress is real and impacting a growing number of retirement-age Australians.
Regular repayments to keep up with an existing mortgage or other debt can eat into your retirement funding…or worse, keep you in the workforce, unable to retire.
 Your Life Choices, December 2019