An older friend was proceeding with an arrangement with Bendigo Bank for them to pay him for a % share in his home (Homesafe Equity Release) but when they found that his home had an owners' corporation they pulled out. Does anybody here know how to get around that or know of any other "lenders" who are not bothered by owners' corporations?
Homesafe Equity Release and Owners' Corporations
ozzie freddo on 24/08/2017 - 00:04
Last edited 24/08/2017 - 00:06
Last edited 24/08/2017 - 00:06
Comments
No, it's quite different to a reverse mortgage. With this one, they pay you now to buy a % share in your property. When it is eventually sold, they get that % of the sale price.
A reverse mortgage is really just a personal loan with compounding interest which will one day be paid out out of the proceeds of the property's sale.
Just sounds like another name for a Reverse Mortgage.
Try MoneySmart or Canstar for more info.
https://www.canstar.com.au/home-loans/reverse-mortgages/reve…