What is a reverse mortgage? [#232]
Rising property values have left many retirees rich on paper but short on cash, so are there options for those looking to utilise their home equity?
This week on the Friends With Money podcast, Money’s Tom Watson is joined by Chris Grice, chief executive of National Seniors Australia, to discuss reverse mortgages, equity releases schemes and the government-run Home Equity Access Scheme.
00:00 Introduction
00:28 The ‘asset rich, cash poor’ dilemma
01:24 Exploring reverse mortgages
07:03 Addressing concerns about reverse mortgages
9:24 Equity release schemes
10:11 Introduction to the Home Equity Access Scheme
13:54 Comparing equity release options
16:02 Conclusion
#friendswithmoney #tomwatson #chrisgrice #reversemortgages #homeequity
Podcast links:
Listen on Apple Podcasts: https://apple.co/3mV0Cbr
Listen on Spotify: https://spoti.fi/3fSPI2h
Website: https://moneymag.com.au
Email: podcast@moneymag.com.au
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