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Want to stay in your own home? It’s time to talk about it

The Christmas get-together is a good time to discuss your future needs with your family.

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  • Finance
  • Read Time: 5 mins

The summer holiday season presents an opportunity for us to celebrate our achievements over the past 12 months and to make plans for the new year and beyond.

With children and grandchildren making their annual pilgrimage to the family home, it’s a good time to discuss important matters.

As we age, the topic will inevitably turn to our future needs and how we will access the things we want and need in retirement.

Research shows that most older people – 70% of respondents to the National Seniors Australia 2023 Suitable Housing in Later Life report – want to stay in their own home as they age.

But there can be obstacles to this; the need for modifications to make the home more accessible and the availability of assistance to perform tasks such as cleaning and garden maintenance.

While moving into a more ‘suitable’ home might seem a good alternative, there are other, arguably more challenging, obstacles to this. These include the high price of real estate (even when downsizing) and ongoing fees related to retirement villages and aged-care homes. Add to that any government charges as well as moving costs, and the expenses add up.

There are all the non-financial aspects too: potentially having to leave a community you feel part of, find new service providers – doctors, dentists, hairdressers! – and often, having to cull valued possessions.

Of the survey respondents, 25.7% believe their current home will be suitable for later life, but will need additional funds to make the necessary modifications, such as installing rails, ramps and chairlifts.

The solution to this could be a Household Loan from Household Capital. Using a Household Loan, homeowners can unlock the wealth they have built in their home, without having to move.

A Household Loan is a type of reverse mortgage that allows homeowners aged 60+ to access income or capital using the wealth in their home as security. Interest is charged like any other loan, but regular repayments are not required until the home is sold or the borrower/s permanently leave their home.

Importantly, the Household Loan is protected under federal legislation, meaning the borrower remains the owner of their home and the title remains in their name. Importantly, borrowers have guaranteed lifetime occupancy and cannot end up owing more than the house is worth.

About Household Capital

Household Capital is an Australian-owned independent retirement funding provider founded in 2016 with a mission to help retired Australians “Live Well At Home”.

Household Capital offers retirees a responsible, sustainable and flexible financial solution that allows them to unlock the wealth in their home to achieve their retirement goals while continuing to live in the home they love.

Household Capital’s Household Loan is available to Australian homeowners aged 60 plus. This wealth can be used to establish an additional regular income stream to supplement the Age Pension, as well as provide capital to meet larger and often unexpected expenses, such as home maintenance or medical costs.

Home wealth can also be used to improve retirement housing, purchase a safe and reliable car or fund in-home or residential aged care. Many of Household Capital’s customers love the peace of mind that comes from establishing a contingency fund to meet their future needs.

For more information

Download the free e-guide 6 Ways to Use Your Home Equity.

Or use Household Capital’s Home Equity Calculator to calculate the equity in your home.

Prefer to speak to a real person?

Speak with one of Household Capital’s retirement specialists for a 15-minute no-obligation call on 1300 699 624. Or book a time that suits you to ask questions and discuss your needs. Schedule a call.

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