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Ask Deborah Awyzio Your Own Question
Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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I have a reverse mortgage at 8.39% and ask exit fee and was

Customer Question

I have a reverse mortgage at 8.39% and ask for an exit fee and was told it was 83,000 with a24,000 extra fee because I am not going into an age care as in the contract.
I am 87yrs and my wife is 84. We took this mortgage in 2008 for 40,000.
Is this legal to charge so much extra
Submitted: 11 months ago.
Category: Australia Law
Expert:  Leon replied 11 months ago.

Good Afternoon

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

Is the loan with blue stone mortgages?

Customer: replied 11 months ago.
Expert:  Leon replied 11 months ago.

Good Afternoon

I am sorry but I cannot give you good news.

The agreement you signed with them penalises you.

It is unlike anything else I have seen before and the contracts are very harsh.

Did you have legal advise?