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25/03/22

11:46

Post #: 60420710
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Originally posted by Lapdog ↑

@Bunn-Wackett; we've retained our reverse mortgage but keep it in positive territory as much as possible due to the ripoff variable mortgage rate - we used it as a mechanism to help our kids get their first homes / cars etc.

As oldies I've no doubt that the banks would laugh at us if we sought a loan to buy another property, but we're able to do so through careful use of that reverse mortgage and our superannuation nest eggs.

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My only complaint about the reverse mortgage is that it is as you say in the control of banks so the terms can be altered at will

There is no reason that it could not be run by a single department of the government with set terms
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