Media Release | 27th July, 2021Government's reverse mortgage scheme worth a second look

James Gerrad from The Weekend Australian recently wrote about changes to the Pension Loan Scheme that may make it a better option for more retirees.

The Pension Loan Scheme has been improved and upgraded.

Reverse mortgages are becoming more popular where you "lend" some equity in your home to a company which then pays you an income stream before taking a cut on the sale or your home.

But there's also an interesting scheme from the government in the same area and it's well worth a fresh look

It's called the Pension Loan Scheme and it's been upgraded in recent times to bring it into line with commercial offerings, except of course it's cheaper.

… In terms of who the PLS is suited for, Paul Rogan, founder of Pension Boost which has recently helped pensioners apply for $50m of loans under the PLS, says: "The reason why people come to us for assistance in applying for the PLS covers quite a broad church, but the key one is they are looking to top up their income sources in retirement.”