8th of March 2017
Homesafe welcomes recent government support & focus on equity release as a solution for financial difficulty
MEDIA RELEASE – 8 March 2017
Homesafe Solutions Pty Ltd (Homesafe) General Manager Ms Dianne Shepherd has welcomed the recent announcement by the Victorian Government and Federal Treasurer in support of ‘shared ownership’ models as a possible solution for new and existing homeowners.
Providing funding alternatives for senior homeowners to ‘age in place’ is an example of the need to develop versatile solutions to address a myriad and often complex array of financial difficulties and issues across many sectors of Australian society.
“Homesafe commenced operations in 2005 and has been successfully providing a ‘shared ownership’ model via its equity release solution for senior Australians for over a decade. Homesafe believes that senior homeowners, who are often ‘asset rich, cash poor’, should have access to products which enable them to access the wealth tied up in their home, when they need it the most and with the security of protecting their rights to live in their home.
As the pension system, and superannuation and savings balances are often insufficient to fund a comfortable retirement, a product like Homesafe Wealth Release can bridge the gap and has been growing in popularity over recent years”, said Dianne Shepherd.
By releasing some of the stored value in the family home, Homesafe’s equity release solution provides senior homeowners with a lump-sum that allows them to remain living in their home by selling a share of the future sale proceeds of their home for an immediate cash sum.
There are no repayments and the senior homeowner has the certainty that they will always retain their share of the sale proceeds.
Commenting further Dianne Shepherd attributed Homesafe’s success to a transparent, consumer centric framework and fair approach that provides seniors a welcome alternative to downsizing or borrowing against their home in order to fund retirement.
“Most importantly, the advantage of our equity release solution is that it provides seniors access to the untapped funds in the family home, with the versatility to apply the funds as they wish i.e. for health care, supplement their pensions, fund improvements to the home, lifestyle and many more”, confirmed Dianne Shepherd.
A further and much welcome benefit is that there are no repayments or compounding interest and the homeowner’s right to remain in their home until they choose to sell, is fully protected.
“It is inevitable that equity release / shared ownership will continue to grow in popularity as more and more consumers reach out to the private sector for solutions that allow them to access the untapped equity in assets such as the family home.
“Homesafe has established itself as the industry leader providing senior Australians the ability to unlock the equity tied up in the family home with security and certainty”, concluded Dianne Shepherd.