She nearly lost her house – but we setlled the loan just 45 minutes before foreclosure

101 Uses for a Reverse Mortgage

Real stories. Real solutions.

Welcome back to our series, 101 Uses for a Reverse Mortgage, where we highlight the unexpected, practical ways Australians are using reverse mortgages to create security, freedom, and financial independence in retirement.

Each week, we bust the myths surrounding these loans by sharing real case studies* — no hype, no jargon, just real people solving real challenges with the right guidance and advice.

Case Study #3: She Nearly Lost Her Home—But We Settled the Loan Just 45 Minutes Before Foreclosure

Client Profile:

• 75-year-old widow
• Lives in country Queensland
• Sole income: Single Age Pension
• Home of 40 years
• Facing foreclosure due to mortgage arrears and credit card debt

Challenge

After the death of her husband several years ago, our client fell behind on her mortgage repayments. With no family support nearby and only her Centrelink pension to live on, her financial situation worsened — and the bank began legal proceedings to repossess her home.

She owed $285,000 on the mortgage, had mounting credit card debt, but selling wasn’t an option she wanted to take. To our client, her home felt like one of the only things she had left, and she needed a solution that would let her stay.

Solution

She came to us needing enough to:

• Refinance the existing $285,000 mortgage
• Consolidate her $20,000 credit card debt
• Cover all associated loan and legal fees
• Access a $1,000 monthly income top-up for five years to help her live more comfortably

Her property had recently been valued at $1.3M — so there was equity. But time was critical. Court proceedings were already underway, and the foreclosure hearing was only days away.

We worked urgently with the lender to make the transaction happen.

The Outcome

On the morning of the hearing — just 45 minutes before she was due in court to lose her home — the loan settled.

• The foreclosure process was stopped
• Her arrears were cleared
• The credit card debt was paid out
• She’s now receiving a monthly boost to her income
• Most importantly — she kept her home

This wasn’t just about saving a house. It was about restoring her peace of mind, her financial independence, and her future.

Why This Matters

This wasn’t just about numbers on paper — it was about someone’s life, her history, and her home. A place filled with memories that she didn’t want to lose.

With the right guidance, the right strategy, and quick action, we were able to help her stay where she belonged — and live with less stress and more security.  She hardly knows herself now!

Do You Know Someone Like This?

You’d be surprised how many older Australians are dealing quietly with debt they can’t manage. If you or someone you know is:

• Under financial pressure in retirement
• Facing the risk of losing their home
• Struggling with unmanageable debt

There are options. And there’s no shame in needing help. Sometimes it just takes the right team who knows how to act — and act fast.

*This case study is based on a real client scenario, however names and identifying details have been changed to protect the privacy and confidentiality of the individuals involved. The information is general in nature and does not constitute personal financial advice. Outcomes described are specific to this client’s circumstances and may not be typical. Always seek professional advice tailored to your individual situation before making financial decisions.