Real stories. Real solutions.
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.
Client Profile:
- 80-year-old widow
- Currently lives in Queensland
- Moving to Victoria to be closer to family
- Sole income: Centrelink age pension
- Has no capacity for ongoing loan repayments
Challenge
Our client wanted to move to regional Victoria to be closer to her family. She had sold her Brisbane home for $750,000 and planned to purchase a new home in Country Victoria for the same price — a like-for-like move.
But there was a complication:
She still had an outstanding home loan to clear, plus credit card debt and additional costs like stamp duty and moving fees. She also wanted a small cash reserve as a safety buffer for unexpected expenses.
Solution
Because of her age and limited income, traditional lenders couldn’t help. But a reverse mortgage could.
Using a reverse mortgage loan of $210,000, she was able to:
- Pay off her existing home loan and credit cards
- Cover the stamp duty and purchase costs of her new home
- Cover the moving costs (not insurance)
- Set aside a $10,000 cash reserve for emergencies
Her new home in Victoria is now her principal place of residence, and she plans to stay for at least the next 5 years. She doesn’t need to make any repayments during the loan term. The loan will be repaid from the future sale of the property — at a time that suits her or her estate.
The Outcome
This home equity loan gave her the freedom to move closer to loved ones, clear her debts, and enjoy her retirement with security and dignity — all without sacrificing homeownership.
Why This Matters
Reverse mortgages aren’t just for people in financial crisis. They’re for people who want to stay in control of their lives, their choices, and their homes — even in retirement.
Are you considering a reverse mortgage but don’t know where to start? Take the first step today and see how much equity you can access with our reverse mortgage calculator.
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.