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Cheryl's story
An avid traveller and adventurer, Cheryl Collins (72) is not one to sit back in retirement. Working as a nurse for 47 years, Cheryl had built significant equity in her home. Wanting to make the most of her well-deserved retirement and do what she loves most – travel, Cheryl looked at options to access these funds. Realising that a P&N Bank Reverse Mortgage was a way to unlock the equity in her home, Cheryl’s retirement took her on a string of new adventures.
“Since I have taken out my P&N Bank Reverse Mortgage, I have travelled overseas three times, bought myself a new car, and now I’m travelling around Western Australia in my own camper van. It’s also helped me pay a couple of significant medical bills over the past 12 years. I wouldn’t have done half of the things I’ve done if I hadn’t learned about P&N Bank’s Reverse Mortgage.” said Cheryl.
Reverse mortgages allow retirees to convert the equity in their home into accessible cash for a more comfortable retirement.
The benefits of a P&N Reverse Mortgage
- Use the funds for a range of purposes such as travel, a new car, home improvements, medical costs or living expenses.
- No regular repayments required but you can make voluntary repayments at any time.
- Easy access to your funds through a redraw facility - your funds may be accessed at any time you need them.
- Negative equity guarantee – the amount required to repay the loan will never exceed the net sale proceeds of the property.
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Before taking out a Reverse Mortgage product, seek appropriate advice and consider if the product is right for you. Lending criteria, fees and charges apply. Terms and conditions applicable and available on request