Seniors financial wellness can be overcome with the right conversation says Homesafe MD Peter Szabo

MELBOURNE, Australia - Oct. 3, 2016 - PRLog -- When it comes to living a dignified, stress free and financially secure life in retirement – far too many seniors continue to suffer unnecessary financial, emotional and often health related hardship said Homesafe Solutions Managing Director, Peter Szabo.

Yet all that would be required to tackle the solution to so much of this distress and provide peace of mind would be a reassuring conversation with a trusted financial planner, accountant, lawyer or broker willing to address the 'elephant in the room' i.e. the untapped equity in the family home affirmed Peter Szabo.

Notwithstanding the professional approach of financial advisers when engaging with seniors, it is important to address their emotional priorities first such as independence, dignity and leaving a legacy to the next generation.

"Accessing the equity in the family home and the life changing potential it would provide continues to be intractably resisted with the process, safeguards and benefits misunderstood and unappreciated by seniors, adviser intermediaries and government", said Peter Szabo.

"At the core of any solution and advice offering is the importance of providing seniors with peace of mind is that their fundamental goals can be achieved along with the right to live in the family home until death."

These were the very principles on which Homesafe was developed over a decade ago.

Peter Szabo continued, "As the result of deep emotional attachments to the family home and desire to leave a legacy for the kids, seniors and advisers deliberately omit the family home from the advice process.

"They (seniors) then go on to live lives of unnecessary hardship as they struggle to keep their heads above water financially and physically – all whilst residing in very valuable residential homes with untapped equity value unrealised or utilised".

With rising health costs, rapidly depleting nest eggs and income sources failing to keep pace with inflation, it is now commonplace to see seniors defer medical and dental procedures that would alleviate pain and improve quality of life.

In addition, undertaking maintenance, major repairs to the home or alterations that would improve mobility and reduce risk of falls and injury are also deferred to the detriment of seniors.

Even though downsizing may be a good option for some seniors, such a decision needs to be carefully made having regard to all their needs.  A decision in haste to alleviate financial stress may result in a very expensive and inappropriate undertaking and mistake with the unanticipated transaction expenses, social, family and community costs far outweighing the benefits.

In order to assist seniors, financial professionals must first take into account and understand how emotions impact this sector and their mindset to be independent, desire to stay in the family home and not be a burden on children and family members.

"Homesafe's equity release offering was developed to allow retirees to live in the comfort of their home by providing senior homeowners the ability to sell a share of the future sale proceeds of their property for an immediate cash sum", said Peter Szabo.

"These funds can then be used in a financial plan to retire debt, invest, augment superannuation, fund revenue streams, etc. – whatever is most appropriate to underpin a dignified and financially secure retirement".

Peter Szabo concluded, "More and more senior Australians are finding themselves poorly prepared financially for retirement and need the advice of qualified professionals to help them make the most appropriate choices for their unique situations.  Each senior requires an individual solution and the issues are far too complex for answers to be derived online from a website filled with general information in the hope of formulating and executing an appropriate plan.

"Financial professionals are best placed to help seniors navigate these important and potentially confusing and stressful decisions by accessing the untapped equity in the family home to support their financial needs to enable them to continue living with dignity in the family home".

ENDS

Issued by Homesafe Solutions Pty Ltd          www.homesafe.com.au

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