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Reverse mortgage
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mc41 View Drop Down
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Points: 6813 		Post Options Post Options   Thanks (0) Thanks(0)   Quote mc41 Quote  Post ReplyReply Direct Link To This Post Topic: Reverse mortgage
    Posted: 01 Jul 2025 at 2:38pm
Any thought ? 
7.5% compounding interest 

Been camping with soft floor for awhile, thinking of doing the big trip, would need caravan and bigger vehicle 
From what I have read it has its issues 
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Points: 14505 		Post Options Post Options   Thanks (0) Thanks(0)   Quote rusty nails Quote  Post ReplyReply Direct Link To This Post Posted: 01 Jul 2025 at 5:42pm
Terrible idea.

Fantastic deal for the lender.
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Hire the caravan and you'll save a heap of the readies.

Go on a diet and/or leave the missus at home and you won't need a bigger vehicle.
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Points: 56826 		Post Options Post Options   Thanks (1) Thanks(1)   Quote Second Chance Quote  Post ReplyReply Direct Link To This Post Posted: 01 Jul 2025 at 6:10pm
ps: the Victorian Government offers reverse mortgages to suitable applicants at far less than commercial rates, so maybe check to see if something similar applies in Queensland.
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Points: 56826 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Second Chance Quote  Post ReplyReply Direct Link To This Post Posted: 01 Jul 2025 at 6:12pm
In Victoria, Australia, reverse mortgages are offered under the Australian Government's Home Equity Access Scheme (HEAS), which allows eligible homeowners aged 67 or older to access some of the equity in their homes through a loan. This scheme provides a way to supplement retirement income or fund other needs. 
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Key Features of the Home Equity Access Scheme in Victoria:
  • Eligibility: You must be 67 years or older, an Australian citizen or permanent resident, a homeowner, and either a pensioner or self-funded retiree. 
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  • Purpose: The scheme allows you to access funds as a fortnightly payment or a lump sum, or both, up to a maximum of 150% of the Age Pension. 
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  • Loan: It's a government-backed loan secured against your home's equity. 
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  • Interest: A fixed interest rate of 3.95% p.a. applies, compounding fortnightly. 
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Suppose it could be used to carry out renovations, but are you locked in to it?
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Points: 19578 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Afros Quote  Post ReplyReply Direct Link To This Post Posted: 01 Jul 2025 at 10:19pm
FWIW, my parents as well as a mates parents both crunched their numbers on doing the big trip and found it would be far more economical to stay at motels along the way than buy a van and something to tow it for the big trip, given you'd be in for in excess of $200k for an appropriate setup.
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Points: 1881 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Tom Rolfe Quote  Post ReplyReply Direct Link To This Post Posted: 01 Jul 2025 at 10:21pm
The kids wont thankyou for spending their inheritance
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