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July 2018's Property Gazette
Published by Scott Miller
Brighter Days Forecast for Home Buyers
It’s official; the shortest day has passed us by and the days are getting brighter. This is also the case for the property market, with a positive future on the horizon for home buyers. With interest rates remaining low and house prices stabilising, now is the perfect time to purchase your first home or an investment property.
Understanding Reverse Mortgages
It’s natural that as we age, we want to relax and spend time doing things which make us happy. With plenty of capital gain in our properties, one way to access this extra money is through a reverse mortgage. A reverse mortgage can provide you with the cash you need to take that overseas holiday, help your children purchase their first home, private surgery to avoid the public waiting lists or make the necessary renovations to your home so you can remain living in it.
Also known as a home equity release loan, a reverse mortgage gives you the cash when you need with, without the worry of a regular repayment schedule. Instead, the loan is fully repaid, including interest, when you die or sell your home.
Like any mortgage, there are pros and cons to be considered. We’re happy to chat with you and should you decide to release some of your home’s equity to enjoy your retirement a little more, we can help you find the best product to meet your needs.
Who invented Trauma Insurance?
Trauma Insurance or critical illness insurance was conceived by Dr Marius Barnard, the surgeon who performed the first human heart transplant.
Dr Barnard writes that he was motivated by the financial hardship many of his critically ill patients suffered.
He started talking to South African insurance companies and convinced them to introduce a new type of insurance to cover critical illnesses.
Barnard argued that, as a medical doctor, he can repair a man physically, but only insurers can repair a patient’s finances.
Since 1983, Trauma Insurance cover has become a highly sought after insurance policy for New Zealanders of all ages.
The Risk
You suffer a major illness, such as cancer, heart disease or a stroke, can be sudden (and traumatic) and will definitely have a huge impact on the way you live.
You will require time off work, you may need special equipment and expensive readjustment costs.
Critical questions
If you suffered a trauma condition how would you and your family cope with the financial impact?
If you were to suffer a major health condition how would this affect your ability to work and to afford a living for your family.
How would an illness affect your ability to meet your mortgage, bills, and other fixed commitments?
Peace of mind
Trauma Cover pays a lump sum if you suffer a condition covered by the policy.
A good trauma policy will cover over 50 major health conditions, with most claims coming from “the big three” (cancer, heart disease & stroke).
This lump sum payment will help you survive financially while you take the time you need to recover. You can choose to use the money for example to pay off your mortgage, make alterations to your house to improve access and mobility or explore alternative treatment options and expensive treatments not funded by Pharmac.
Contact the team here at Advanced Mortgage and Insurance Solutions today. We’re here to help and there’s no cost to use our services!