Should I stay or should I go now?
Downsizing is a common option for New Zealand seniors; their home is no longer suitable for their level of mobility, it has become too expensive and difficult to maintain, or there is a desire to free up equity in order to maintain an enjoyable lifestyle.
One of the benefits of taking out a Heartland Reverse Mortgage – a choice more and more seniors are making – is that all of these issues can be resolved without having to leave the home.
Free to fly
Heartland Bank customer Jan*, is very happy with her decision to take out a Heartland Reverse Mortgage. It has allowed her to retire comfortably in the home she built in 1983.
“I bought the land for the view and built a house that suits me, I really didn’t want to leave,” says Jan, who lives in central Otago. “But that became a real possibility, as I had a number of home improvements that needed to be addressed and I couldn’t afford them.”
After using the reverse mortgage to give her home a much-needed facelift, Jan had enough left to indulge herself by taking a paragliding course!
“I went for the first time on my 80th birthday and loved it! I was keen to go again, and it was just as incredible – you’re as free as a bird!” the 84-year-old says.
“Waking up at 3am worrying about how you’re going to pay expenses isn’t a nice way to live. I’m so glad that I could use my biggest asset to ensure that life is as enjoyable as it can be!”
Factors to consider
A house is often more than bricks and mortar; it's a home full of memories, where you feel comfortable and connected. If you are strongly attached to your home and/or community, a reverse mortgage may be a better option than selling up and possibly having to move further afield. It will allow you to access the funding you need without having to uproot to an unfamiliar neighbourhood or a smaller space that’s possibly less conducive to family visits.
Another point worth considering is the effort associated with moving, particularly if you are downsizing and need to reduce belongings.
There are also a number of financial implications involved in downsizing. Between agent fees, marketing and more, selling up and moving on can be expensive.
Conclusion
If the upkeep of your property has become too much, downsizing may be the more appealing option. However, the important thing is to understand that it’s not your only option!
*Jan has preferred not to disclose her surname.
If you’ve decided that staying in your own home and releasing equity is the right solution, get in touch with us to discuss how it can work for you.
Heartland Seniors Finance
0800 488 740
Heartland Seniors Finance is a division of Heartland Bank Limited. Heartland Bank Limited’s lending criteria, fees and charges apply.
THIS IS A SPONSORED CONTENT PIECE BROUGHT TO YOU BY HEARTLAND SENIORS FINANCE.