New Zealand Law
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Answered in 3 minutes by:
6/14/2017
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 32,271
Experience: 42 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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I am a New Zealand lawyer based in Wellington and will help you with your question today
From the Consumer website, they say
Here’s what takes the shine off reverse mortgages:
- All loans require you to occupy the home. The lifetime occupancy guarantee only applies to those named on the loan agreement. If you have a partner whose name is ***** ***** the loan, they wouldn’t be able to stay if you died or moved into care.
- Interest rates are relatively high on these types of loans – up to two percent above regular home-loan floating rates. What’s more, the interest compounds and so can eat into your remaining equity. This can limit your options later.
- There are ongoing expenses that must be met to avoid being in default. For instance, the home must be fully insured, you must pay your rates on time, and you must maintain your property adequately.
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 32,271
Experience: 42 years qualified as a lawyer; LLB, MMgt and FAMINZ.
VerifiedChris The Lawyer and 87 other New Zealand Law Specialists are ready to help you
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