An increasing number of people are looking to supplement their income to meet the rising cost of living. More and more the pressure is making Australians reach out to loans, even those in retirement.
Loans to retirees are offered as a viable way to relieve the pressure. Unfortunately, these loans are often at much higher rates even than those offered to home buyers. Over time, the interest on these loans compounds. What took years to save, can erode much quicker than you think. Newspapers are reporting a large increase in retirees taking out these loans
There are safeguards in place to ensure these loans won’t leave you in negative equity. The loan provider can’t force you to sell your home. However, what if you have to move later? Perhaps to be near children or grandchildren? You could find yourself slowly crushed by the weight of compounding loan that you can’t escape.
Our Leg Up is different.
Using Our Leg Up, the equity in your home can generate income without incurring a debt in the first place, that way there is no interest.
This will help to keep you debt free and comfortable during your retirement.