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Boost your retirement coffers using your home The government has improved its home equity release scheme to attract more retirees needing extra funds. Share It is no coincidence that the government is increasing the attractiveness of its Pension Loans Scheme at the same time as increasing the number of home care packages. At some point, everyone who wants to remain living in their own home until the end will need to make a greater contribution to the cost of the services they may receive. Home equity has been steadily making its way into the government’s retirement funding strategy. The government now has a plan to promote its reverse mortgage offering and get people comfortable with the idea of using some of the money tied up in their property to fund their lifestyle and their government-subsidised home care packages later in life. ....
He highlighted the ‘third pillar’ of Australia’s Retirement Income Review (RIR) was “voluntary savings and home ownership”. “Home ownership is an important influence on a person’s standard of living in retirement. Housing costs are generally lower in retirement and the house is an asset that can be drawn on to boost retirement income,” the RIR report said. “The home is the most important component of voluntary savings and is an important factor influencing retirement outcomes and how people feel about retirement. Homeowners have lower housing costs and an asset that can be drawn on in retirement.” Funder said: “To fund aged care, in-home care, and improve aged housing, the federal Retirement Income Review was right to highlight the importance of providing responsible, long-term access to home equity as the third pillar of our retirement funding system. ....