Free Property Advice. Mortgages
- Buyers be wary and check the contract In the current tough economic climate, many people are defaulting on their mortgages. Accompanied with the declining property market, this has led to a record increase in the number of mortgagee sales throughout the country. While to many a mortgagee sale appears to be an opportunity to get into the property market at bargain prices, there are risks associated with purchasing at mortgagee sale which can turn a dream purchase into a nightmare. In this article, David Wallace and Rose Syms of Gibson Sheat stress the importance of ensuring that all clients wishing to purchase at mortgagee sale are aware of these risks. Read More »
- A Reverse Mortgage - 'Is it for me?' In this article, Jane Quinn, a solicitor with Harkness Henry & Co, looks at the merits and pitfalls of reverse mortgages. If you, as an older person, are concerned that the slowing property market means that selling your home and moving to a retirement village or another newer property is not an option, you may consider a reverse mortgage to pay for a new kitchen, bathroom and heat pump. Read More »
- Reverse Mortgages For many New Zealanders, the family home is their most valuable asset. For some people this can mean they are asset rich but cash poor. It is such people who are being targeted in marketing campaigns for reverse mortgages. These mortgages can have serious implications for the home owner. Although they are relatively new in New Zealand, they have been around for many years in the USA and UK. Read More »
- Home Equity Release Schemes - A Means of Financing for Old Age People aged 65 and over make up a large and growing proportion of New Zealand’s population. Home ownership rates among older people in New Zealand are high, but their incomes are, on average, lower than for younger age groups, so that many fit the description “asset rich, income poor”. This article looks at home equity release schemes and makes several points you should consider before taking a scheme up. Read More »
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