Forums sheds light on reverse mortgages

HAVE you been thinking about getting a reverse mortgage so you can go on a fancy holiday?

You might want to think about the consequences first according to Australian Pensioners’ and Superannuants’ League Logan branch member, Geoff Balme.

“It’s good for some people but you’ve really got to look at the fine print,” the Carbrook resident said.

“Older people might be tempted to say ‘okay I can go to the lending authority and get money in cash and go on a lovely holiday because I don’t have any money in the bank’.

“But when you die then the bank recalls all the money out of your estate. The bank steps in and takes completely over your estate and I’ve heard of situations where children of the deceased couldn’t even set their foot on the property.”

The Australian Pensioners and Superannuants League have closely investigated the situation of reverse mortgages and will hold a forum for seniors and pensioners on Wednesday, March 24, at Kurilpa Hall, 174 Boundary Street, West End.

Morning tea will be held from 9am, and the forum will be held from 10am to 12.30pm.