Alternative Sources of Credit For Retirees
April 24, 2011
Retirement can bring a host of unexpected money problems for which a retiree’s pension or superannuation arrangements are ill-prepared to meet. Retirees can simply feel like their quality of life is being impeded without access to extra cash which could get them out of the house and meeting their retirement goals. But what alternative sources of credit are available for those who have left the daily grind?
Alternative credit source #1: Reverse mortgages
For anyone who has paid off their initial home loan, a reverse mortgage will allow the home owner to take out a sizeable portion of the equity that they spent building up in their home during that initial loan repayment periods. This does not mean that the home owner must be a retiree in order to apply for a reverse mortgage, but the reality is that the majority of reverse mortgage applicants are citizens who are drawing their pension and living out the golden years of their lives on their superannuation. This is because a reverse mortgage is ideally suited for those in retirement. It allows the home owner to receive either a lump sum payment or a monthly stipend that draws down on the equity of their home. The most attractive part of a reverse mortgage is that it does not hold the home owner to any repayments until they vacate their property. In this way, retirees can enjoy the money from a reverse mortgage without having to worry about paying the money back right away; a nice feature given the fixed incomes of most retirees.
Alternative credit source #2: Selling a life insurance policy
If a life insurance policyholder outlives their plan, and their plan is something other than a term life insurance policy, then they can benefit from a cash payout as a reward. The cash payout will be a result of having paid so many premiums but without putting them to use, resulting in a surplus which can then be distributed back to the policyholder. If, however the policyholder is advancing in age and no longer feels the need to retain their life insurance policy, they always have the option of selling it on the open market. This may result from the policyholder no longer having dependants or loved ones at home who will require extra financial support upon the policyholder’s death. A life insurance policy may also be sold if the individual simply wants a quick infusion of cash with which to enjoy certain activities before they die. Either way, it is an alternative source of credit that is especially suited to retirees.
Alternative credit source #3: Payday advance loan
When applied to retirees, the name “payday advance loan†can be misleading. Technically, retirees do not benefit from a pay cheque as, of course, the whole point of becoming a retiree obviously means that they no longer work. So how can retirees still gain access to this alternative source of credit? The answer is because retirees may receive pension cheques that can be used as financial collateral for a payday advance loan. As long as the retiree has an open and active bank account into which the payday loan centre may deposit their advance, then most retirees who are receiving a pension or other superannuation payment are eligible for a fast payday advance loan. They do not have to undergo credit checks, the money is usually granted within a few hours at the most and it is well within range to be paid with their very next cheque, making it a very affordable and convenient alternative source of credit.
When Can a Payday Loan Become a Viable Credit Card Alternative?
December 20, 2010
There’s a noticeable contrast in the way financial experts and economists discuss the value of various forms of credit, particularly those available to consumers. Some are thought of as necessary and almost an important asset for borrowers, while many other short-term lending options are treated as a cautious yet important way for consumers and businesses to generate short-term cash flow and sales activity.
Credit cards, payday loans, and other bad credit loans generally fall into the second category – with the vast majority of financial experts and commentators speaking of them in cautionary terms rather than the praise often lavished on mortgages. But while payday loans and credit cards may have their own rings of fear, are they really forms of credit that consumers should be overly cautious about? read more..
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Payday Loans: An Alternative to Pawn Shops, Banks, and Other Lenders
October 24, 2010
Throughout the 20th century, access to credit was fairly limited for Australian families. While major businesses and investor-backed corporations benefited from steady access to loans and credit during the 1980s and 90s, the vast majority of households were left without an emergency credit or short-term lending option until just over ten years ago, as mass credit and loans became popular. read more..
