Accommodation Bond Loans

I know from personal experience that one of the toughest decisions families have to make is the decision to move from their home into residential aged care. The reasons for moving will vary from person to person. Perhaps you need specialist care, or just desire a little more companionship. Whatever the reason, the decision is not to be taken lightly.

In the past, the funding of an accommodation bond for aged care has been done through selling the family home, or relying on the support of family members. This can be a stressful and emotional experience. You often need to make a quick decision on the move to aged care, and don’t want the additonal worry about what to do with the family home.

Wouldn’t it be great when faced with having to fund an accommodation bond, you could use the equity in your home without having to sell it immediately.

As long as you are over 60, you can now use up to 50% of the value of your home towards an accommodation bond.

Changes in recent government legislation now allow you to rent out your home even whilst you are in aged care without the home being counted as one of your assets. The rental income is counted as income, but think of how advantageous it would be to use that income for paying part of your ongoing aged care costs.

This is just one more of the many uses for a reverse mortgage.
 

“Retirement is like a long vacation in Las Vegas. The goal is to enjoy it to the fullest, but not so fully that you run out of money”