Brendan Coates
speaker
226 appearances
4 recordings
1 series
first heard Feb 2022
last heard Apr 2022
Brendan Coates’s voice in public audio — every appearance, attributed to the second.
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Appearances
Now, with the shared equity scheme, we wouldn't necessarily allow you to keep the existing family home.
But if you did separate and lose the family home and you've got this portion of equity, you would be able to use the scheme basically to complement, to top up your equity for what you would have had if you were still together.
so that then you can go back into the housing market and probably afford a home and get back into home ownership much faster, which avoids the risks of poverty in retirement, where we know separated or divorced women are three times as likely to rent at age 65 as those that are married still.
And that is a really big concern going forward as the population ages and you have more single women renting at risk of poverty in retirement.
So people, when they downsize, there's this idea out there that when people downsize, what they do is that they actually downsize into a home that's much cheaper and they free up a bunch of their former home equity, their savings in their home that they can use to support their retirement.
In practice, that's often not what we find.
What people do is they want to stay roughly where they are.
They want to stay in the same community.
So they downsize into something that's often a smaller house, but it's often more modern.
It's often better located to shops or public transport, so when they're preparing for the fact that they may not be as mobile in future.
And they often don't spend much less.
And what we would suggest is that you could use this scheme as a downsizer.
So if you sell a home that's worth $800,000 or $700,000 and you buy a new home that's worth a similar amount, you could get the government to be the co-purchaser
And that would unlock $200,000, $250,000 from your home that you could then use, you know, either to do some travel, to do some maintenance on the home, to be ready if there's ever any problems down the track with your health where you need lump sums, you would have that money available to you.
It gives you a buffer, a security blanket, if you will.
And that would be really valuable because people can do this now by doing, you know, what's called a reverse mortgage.
Like you borrow money out of your house, right?
But people are very reluctant to do that as they retire because they've paid off their house.
They don't want to take on any debt again.
And this is an alternative way of unlocking that home equity that can boost their living standards in retirement, give them a greater sense of security without having to take on the debt.
Showing 41–60 of 226 · page 3 of 12
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