An avid traveller and adventurer, Cheryl Collins (72) is not one to sit back and relax in retirement.
Working as a nurse for 47 years, Cheryl was looking at the options available to her to be able to access funds so she could make the most of the well-deserved time off and do what she loves most – travel.
Having paid off her mortgage, Cheryl looked into a reverse mortgage as a way to unlock the equity in her home and have the ability to access cash when she needed it.
“It’s been incredibly helpful in the fact that since I have taken out the reverse mortgage I have travelled overseas three times, I’ve bought myself a new car, and now I’m travelling around Australia. It’s also helped me pay my medical bills,” Cheryl said.
At the time, there weren’t any other options available to Cheryl other than taking out a loan.
“It’s the same thing really. I’m taking out a loan on my equity.
“I’ve had the reverse mortgage for 12 years and I have taken out small portions over the years for various things.”
Cheryl said a reverse mortgage made the most sense to her and meant she could keep her money with a company she trusted.
“In my era, paying off your mortgage was the most amazing achievement you could do.
“Now I want to have a good life. Why just let the equity sit there?
“I don’t think I would have done have done half of the things I’ve done if I hadn’t have taken out the reverse mortgage. I wouldn’t have bought the campervan, I wouldn’t have travelled.
“I love travelling – I really adore travelling. I have been around the world many times. Now that I’m getting older, I travel around Australia in my campervan.
“My campervan is old, but that doesn’t matter. It’s comfortable.”
When asked why a reverse mortgage worked for her.
“Freedom. It’s the biggest thing. You’re free to do what you want to do. I know I have the money there to do as I wish.”
And Cheryl believes the process to apply for a reverse mortgage couldn’t be easier.
“Paul Saraceni (P&N Bank Home Loan Specialist) is fabulous – he makes it so easy.”
“You can get the money out when you want. You can do it over the phone – you don’t have to go anywhere.
“If you want to, you can slowly put the money back for when you want to spend it later.
“I feel very safe. I have been with P&N Bank a very long time – I only have a four-digit member number. I trust them.”
When she spoke of future travel plans in the midst of COVID-19.
“I’ll be off somewhere. It will be in WA – there’s so much in this beautiful country to see. We have the most amazing country.”
Before taking out a reverse mortgage product, it’s important to seek appropriate advice and consider if the product is right for you.
For more information on P&N Bank’s Reverse Mortgage Home Loan, or to find out how much you’re eligible to borrow, please contact us P&N Bank on 13 25 77.