Options at 61?
Question from Glen updated on 30th April 2015:
I am 61 and on an invalids benefit. I have a freehold house with $500,000 equity. Do you think banks lend to me? I'm wanting a modest investment property, using my freehold property as security with little or no deposit?
Our expert Kris Pedersen responded:
Your issue is going to be around servicing, unless you have income other than the benefit. One option if you have someone who you trust, is to look at doing a joint venture if they have the income but maybe not the equity to be able to put a deal together. Just be careful though and if you go down this route take legal advice to ensure you are as protected as possible.
Kris Pedersen of Kris Pedersen Mortgages is a commentator on property and finance. His team sources top finance strategies. www.krispedersen.co.nz