A new resource on reverse mortgages in WA
WA Consumer Protection Minister, Sheila McHale, has announced a new resource to educate consumers about reverse mortgages.
“These loans can free up money for seniors to spend on maintenance on their homes or other essentials,” Ms McHale said.
“However, with no repayments being made and interest accumulating over the life of the loan, the debt can balloon and even outstrip the value of the home.”
She said it was vital that people sought independent legal and financial advice before entering into these arrangements.
Reverse Mortgages for Seniors uses case study examples and simple language to explain what reverse mortgages are, how they work, the risks involved and who to ask for help and advice.
The brochure is available through the WA Consumer Protection website at:
