Providing a Refundable Accommodation Deposit for a parent is a wonderfully generous thing to do, but it need not be so generous that you lose even more on the arrangement.
RAD
Funding an aged care RAD with a reverse mortgage
A Refundable Accommodation Deposit (RAD) payable on entry in aged care is often a large amount of money to find in a hurry and many people think selling the family home is the only option open to them.
Funding an aged care deposit with reverse mortgage
In many cases, by using a reverse mortgage loan, the much-loved family home does not have to be sold to fund aged care entry costs.
Aged care – what you should know
More people are living longer than ever before – and by 2060, a quarter of all Australians will be aged over 65. Our Aged Care system needs to keep changing to accommodate the growing demands of an ageing population.
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