When retirement, a lifestyle change, or downsizing the family home in later years is on the horizon, it is important to know that you are on a stable footing and have workable financial plan in place to ensure that your dreams become a reality.

At 55 and beyond, you've already worked hard and long hours towards establishing a nest-egg that will provide a comfortable lifestyle when you decide to give up work.

In most cases the family home is the most valuable asset. superannuation may also be substantial, in addition to any bank balance that you have been fortunate to accumulate.

It is vitally important therefore, that these assets continue to work for you, and consultation with a qualified Financial Advisor is one of the best ways to ensure your income is optimised.

FREER PARKER  PTY LTD - ADELAIDE

Richard Freer and Robert Parker founded their business in 1988 after having spent over 25 years in Financial Management practice in Adelaide and interstate.

Qualified CPA's, with a team of other professionals and support staff, they have not lost sight of the fact that personal contact with their clients is of utmost importance.

Whilst their main office is in the Adelaide CBD they also have regular consultations in major country locations.

A regular newsletter "The Report " is also published regularly and can be emailed to you on request. This newsletter will keep you informed on the topical issues, as well as providing you with tax tips.

Freer Parker can provide you with advice on:-

• Budgeting and Financial Management
• Retirement planning
• Investment and Superannuation advice
• Business advice and support

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MORTGAGE CHOICE - Home Loan Brokers 
"There's only once choice, so call us now! 

   Phone:   08-8234-0166 or  fax 08 8234-1599”.

We provide professional home loan advice, to assist the senior borrower in finding the most suitable loan product and lender for their needs. Not only that we:

*  Do your home loan shopping for you from a panel of up to 27 of
    Australia's leading lenders offering over 200 different
    loan products.
*  Do not charge you for the service.
*  We can come to you or you can come to us at one of our
    convenient locations
*  We save you time, effort and money.
*  Have special products and features aimed at the senior 
    borrower.

The aim of this team is to keep all clients fully informed at each stage of the loan process. Our feedback is that we are taking the worry out of the process for clients, because we are continually keeping them up to date.

Testament to our service are the references our customers have kindly written for us under the "Testimonials" menu on our website.

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REVERSE MORTGAGES  

NOW is a good time to consider enriching lifestyle using property equity for a comfortable retirement

Australia’s leading mortgage broker, Mortgage Choice would like to help Australians in their twilight years by providing information on how they can use their property equity to fund a more comfortable lifestyle. 

Mortgage Choice acknowledges the valuable contributions seniors make to our community’ and one of these is their significant contribution to the economy over the past decades by their involvement in the property market. Many made, and continue to make, strong capital gains through owner occupied and investment property purchases; gains a number of economists say won’t be matched in the same time period. So why not enjoy it now?

Local Mortgage Choice loan consultant, Belinda Whitehill, said the equity built up through ownership of one or a number of properties can help seniors live an improved lifestyle.

“Depending on the equity accumulated, seniors can make significant improvements to their years ahead by taking out what is called a reverse mortgage, or a seniors loan. All that hard work on paying off a property can reap big rewards,” she said.

“Many don’t realise the options available these days; the ability to take out a mortgage on their property in order to take a holiday, purchase luxury goods, give money to family, embark on home improvements or improve their day to day lifestyle. All without having to sell their property.

“An increased cash flow can mean the world of difference to someone enjoying their twilight years. It can considerably change their lifestyle!”

According to a recent Datamonitor report, the reverse mortgage market will reach $3 billion worth of loans in 2010. The research showed loan size varies greatly between lenders, but generally ranged between $30,000 and $40,000, and could be as high as $169,000.

Depending on the lender, a reverse mortgage allows the borrower to borrow up to a certain percentage of the value of their property via either a lump sum or regular payments (or possibly a combination of both) - while retaining the title to their property. An important feature is that repayments are not necessary throughout the loan term, unless by choice.

Interest is charged at a rate slightly higher than the standard variable rate for normal home loans, on the amount borrowed, with the total amount owed at the end of the loan term being equal to all loan funds received plus accrued interest, fees and charges minus any repayments made. That amount is taken from the property value when the borrower decides to sell or passes away. In the latter case, beneficiaries choose to either sell the property or repay the borrowed amount and keep it.

Reverse mortgage features could include a choice between a fixed or variable interest rate, repayment facilities, redraw facilities, internet banking. Everyone has different needs so how often the money needs to be accessed and through what method, etc, must be considered.

“As with any major financial decision, it is always sensible to talk to an accountant, financial adviser and/or solicitor as well as those who consider themselves beneficiaries. Centrelink also needs to be contacted, to assess any possible impact on pension payments,” Mrs Whitehill said.

“This will provide peace of mind that the decision is right and is understood. If leaving an inheritance is important to the borrower, they need to consider that a reverse mortgage could considerably diminish the value of their estate”.

Aside from the basic provisions of the Uniform Consumer Credit Code, reverse mortgages are largely unregulated. As a result, lenders have taken a self-regulatory approach to consumer protection. ASF, Bluestone, OFM and St George became the foundation members of SEQUAL, the Senior Australians Equity Release Association of Lenders. Other lenders have joined since.

SEQUAL's consumer safeguards include a ‘no negative equity’ guarantee, ensuring borrowers never owe more than the value of their property. The code also requires members to ‘strongly encourage’ borrowers to consult family and seek independent legal and financial advice.

A number of the 27 leading lending institutions on the Mortgage Choice panel offer reverse mortgages and its accredited and experienced loan consultants don’t charge customers for service. They don’t have any of their own loan products and so are dedicated to assisting each customer to choose the most suitable product for their lifestyle.

Visit the Mortgage Choice website at www.mortgagechoice.com.au/kerry.teakle  or call our office on 8234-0166

About Mortgage Choice

Mortgage Choice is Australia’s leading mortgage broker. It provides professional home loan advice on, and choice of products offered by a panel of 27 leading Australian lending institutions and its accredited loan consultants do not charge for their services. Mortgage Choice does not have any of its own products, and its consultants are paid the same commission regardless of the lender or product chosen by the borrower*.

Through its national network of over 400 franchises and over 570 loan consultants supported by Group and State Offices, Mortgage Choice writes almost 1 in every 20 Australian residential loans.

The company was listed on the Australian Stock Exchange in August 2004 (ASX sign: MOC).

Recent awards won: 2005 Australian Mortgage Awards Best Branding and Most Effective Internet Presence, 2005 Australian Banking and Finance Magazine Awards Best Mortgage Broker, 2005 Mortgage Industry Association of Australia Awards Originator of the Year [30+], 2004 Australian Mortgage Awards Franchise Operation of the Year, 2004 Australian Banking and Finance Magazine Awards Best Mortgage Broker, 2004 BRW Magazine Fast 100 and Fast and Lasting lists.


* This information refers only to loans provided by the panel of 27 lenders with whom Mortgage Choice has an arrangement, under which it receives commissions and other payments.

DESMOND R TELLIS - Barrister and Solicitor

Property Law, Wills and Estate planning, deceased estates.

What is a will?
"Everyone knows that"... you might say. Yes,there are some things that seem simple enough, but unless they are attended to properly can cause complications further down the track. Most people know that a will is a legal document that outlines how you want your assets and personal belongings distributed after your death, so if you own property and/or have children it is essential to have a well prepared will. If you die without a will your estate becomes subject to the laws of intestancy, meaning that a member of your family will need to apply to the court to become an "Administrator" of your estate.
On top of the additional cost and time of the delay, it could result in people you don't want benefitting or receiving money from your estate. A will allows you to execrise control of your estate,and direct who you wish to receive property,money or items of importance.

What is a Power of Attorney?
It is a legal document giving another person authority to deal with your financial matters while you are alive. There are two types...

• General - Only valid while you are of sound mind
• Enduring - Still valid when you do not have legal capacity

Unless you have specific reasons to limit the authority it is preferrable to give an Enduring Power of Attorney, and this should only be given to someone you trust a great deal.

What is an Enduring Power of Guardianship?
Another legal document giving your nominated person(s) an authority to act as "though they were standing in your shoes" when you don't have legal capacity.It gives the authority to make a decision regarding issues such as where you should live, personal and recreational issues,medical treatment and any request made by you in regards life support. Your Enduring Guardian does not have an obligation to care for you on a daily basis and does not have the power to deal with your financial affairs....only your nominated Power of Attorney can do that. [however,it may be the same person/s].

What is a Medical Agent?
Much the same as your Enduring Guardian,except that you only ever have one person at a time nominated to this role. The Medical Agent can overrule the Enduring Guardians. E.g. You have three children, all having Enduring Power of Guardianship, and for different reasons they can't make a decision in regards life support, or where you are to live. The one child you have nominated as Medical Agent has the authority to make that decision

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Centrelink is an agency of the Australian Government. Here you will find a lot of information about entitlements and payments. The articles are all downloadable. If you can't find what you are looking for then use the search capabilities if the website.