Mrs Fish's friend (aged widow) is in deep trouble with Storm Financial but the bank has offered her (and some others, apparently) "hardship" relief.
She has equity in her home (I assume that matters) so they are allowing her to stay in it till she dies or goes into an aged care facility, at which time she can sell it and keep her equity. This is not a "reverse mortgage" and there is definitely some concession to normal lending practice and one of the conditions is that she does not join a Slatter & Gordon suit.
I'm getting this 2nd hand and I'm not sure about what, if any, interest is accruing or payments need to be made along the way. This does not sound like a one-off settlement of a law suit but rather, a policy option which exists but they prefer to keep secret. Comm Bank is in major damage control.
Does anyone know of this policy and be able to fill out some details?
And what would be the actuarial life expectancy of a 73yr old woman?
She has equity in her home (I assume that matters) so they are allowing her to stay in it till she dies or goes into an aged care facility, at which time she can sell it and keep her equity. This is not a "reverse mortgage" and there is definitely some concession to normal lending practice and one of the conditions is that she does not join a Slatter & Gordon suit.
I'm getting this 2nd hand and I'm not sure about what, if any, interest is accruing or payments need to be made along the way. This does not sound like a one-off settlement of a law suit but rather, a policy option which exists but they prefer to keep secret. Comm Bank is in major damage control.
Does anyone know of this policy and be able to fill out some details?
And what would be the actuarial life expectancy of a 73yr old woman?