QUESTION:
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I live in a retirement village with a deferred management fee. I have no dependants or heirs and always planned on accessing my property capital through a reverse mortgage. However, as you no doubt realise and I didn't until I finally made enquiries, this is not a viable option for me as I don't own the land my property sits on. Are there any available avenues for me to pursue now or do I just sit back and accept my lot?
ANSWER:
This is major problem for people in your situation – if you are an age pensioner, you could seek advice on the Pension Loan Scheme which is available through Centrelink. This may help you.