The over 60s will be able to fund a move into a retirement village or cover the cost of aged care with a reverse mortgage. ABN Ambro has launched two reverse mortgage products, to be sold by financial planners, designed for seniors to be able to access more than the standard loan to value ratio (LVR). Of particular interest to the village manager is the Investment Property Mortgage (IMP), where clients can borrow an unlimited amount from a minimum of $10,000 against the value of an investment property to buy into a village. It allows retirees the flexibility to transition into a retirement village lifestyle while maintaining a revenue stream from their investment the best of both worlds.
Government Policy
No excuse for providers to not be ready on 1 November: Aged Care Minister Sam Rae
Aged Care Minister Sam Rae has told ABC radio the Aged Care Rules have been in place for “a significant amount of time” and the Government has been listening to and supporting to the sector, “so, there really isn’t an excuse from any provider to not be prepared for 1 November”.
