Read this week's scenario. You may have the expertise to fit even the toughest loans.
Have you got the know-how to fit even the toughest loans? Each week MPA brings you one stumper of a loan scenario, posted by our readers, and asks you for the answers.
This week, a Western Australian broker is struggling to find a lender willing to approve a reverse mortgage for a 78-year-old pensioner.
The proposed loan is $68,000, with an LVR of 25 per cent. The client is the outright owner of a strata titled unit in Warwick, WA, valued at $270,000. There are a total of 23 units in the complex.
The broker says they have tried CBA, Bankwest, Better Mortgage Management, Mortgage Ezy, Police and Nurses, Homeside and ANZ, and suggests perhaps a credit union lender will be the best option.
“Are there any lenders that will help this poor guy out?” the broker asks.
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