Q. How much cash can I obtain through Homesafe?
A. Any amount between $25,000 and $1,000,000. Homesafe also limits the fixed share that you can sell of your future sale proceeds to 65%, to ensure you and your estate will always have the benefit of substantial equity in your home.
Q. Can I use my cash for any purpose?
A. Yes. We expect many people will use Homesafe to help pay for:
- Essential services, such as home care and nursing
- Alterations to your home as your needs change
- Financial support to meet increasing living costs
- Providing financial assistance to children, grandchildren and other family members
- Leisure and lifestyle activities.
Q. What happens if I sell my home before my death?
A. You may receive an Early Sale Rebate from the sale of your home because we recognise that Homesafe Solutions benefits from the early receipt of its share of the sale proceeds. This feature is designed to protect homeowners who may need to sell unexpectedly.
Q. Do I need to provide financial information?
A. No. Homesafe is not a loan and there are no repayments. You do not need to prove your income or provide any other information about your personal finances to contract with Homesafe Solutions.
Q. Will my social security benefits be affected?
A. This will depend on your social security or Department of Veteran Affairs status, as well as how you plan to spend the Homesafe funds. We recommend that you seek independent advice before you go ahead to ensure that the cash amount Homesafe Solutions pays you will not impose any unknown adverse effects on your personal financial situation.
Q. Are there any health checks?
A. No.
Q. Should I get legal advice?
A. Yes. Homesafe Solutions requires that you obtain independent legal advice before making a decision to go ahead. This is in your best interests because it ensures that you have expert independent advice before you make your decision.
Q. Can I use the funds to pay out a reverse mortgage or other mortgage on my property?
A. Yes. If you currently have any kind of mortgage on the property, you must use the Homesafe funds to pay out that mortgage.
Q. What happens if I pass away shortly after entering into a Homesafe Contract?
A. Nothing changes. Homesafe Solutions receives its share of the property’s sales proceeds, and your estate receives your share of the sales proceeds. Your estate may also receive an Early Sale Rebate because your property was sold earlier than expected.
Q. Will changing interest rates affect my contract with Homesafe Solutions?
A. No.
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