New Zealand: Reverse mortgage caution

New Zealand: Reverse mortgage caution,

In his retirement years Uncle Bill lived in a modest bungalow in Spreydon, Christchurch. After Aunty Mona’s death he forged a close relationship with our three children, and we saw a lot of him.We knew that Bill did not have much to come and go on, and he constantly complained about his bank mortgage.

It was only about $20,000, but his income was little more than the pension, and clearly the cost of servicing the mortgage was a drain on his resources.

Eight years ago Bill read an advertisement about a new loan product on the market, the reverse mortgage.

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Full post here Reverse Mortgage Loan Blog

Written by News & Feeds on November 26th, 2007 with comments disabled.
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