An interesting statistic is that 40% of retirees approaching Pension Boost to assist with Pension Loans Scheme (PLS) applications still have mortgages. Retired couples applying for PLS with pre-existing debt were servicing median mortgage amounts of $158,000 at a median age of 72 years.
Pension Loans Scheme
Federal Budget and seniors: PLS changes are welcomed
Major enhancements that Pension Boost has been advocating for will be made to the Pension Loans Scheme (PLS) from 1 July 2022.
Lump sum payment from PLS could assist more retirees to live at home
A simple change to the Pension Loans Scheme (PLS) would allow more retirees to adjust their homes better enabling them to live in their homes for longer.
Pension Boost questions Income Review report outcomes
The founder of a retirement specialist that assist seniors to access the Government’s reverse mortgage solution (known as the Pension Loan Scheme) hopes that the Retirement Income Review leads to more help for struggling retirees.
With 700 new retirees each day, where will their income be found?
An increasing number of retirees are seeking ways to live in their homes and find other sources of income to support their lifestyle.
600 sign Pension Boost’s No Negative Equity Guarantee petition
Pension Boost has a petition running to bring the government’s reverse mortgage solution known as the Pension Loans Scheme (PLS) into line with regulations that have applied to commercial reverse mortgage providers since 2012.
Self-funded retirees 10% of PLS reverse mortgages, says Pension Boost
Pension Boost is originating around 10 per cent of its government-run Pension Loans Scheme (PLS) reverse mortgages with self-funded retirees since the reforms were introduced in July 2019.
Downsizing is not for every retiree
With around 76% of all seniors owning their property outright there is an opportunity to downsize but it is no ‘silver bullet’ solution.