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Related Documents

Funeral Expenses

Pre-paying a funeral enables a client to choose and pay in advance for their eventual funeral.  They can pay for the funeral in full or pay it off in regular instalments over a period of time. The cost is fixed in today's dollars, even if the funeral is not for many years. Funeral bonds are an investment product that can only be withdrawn after death to pay for a funeral, they may not cover the cost of a funeral.

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Reverse Mortgages

Reverse mortgages, also known as 'equity unlock loans' are equity release loans designed for older borrowers including those entering aged care, who are 'asset rich' but 'cash poor'.  They enable the borrower to access the equity in their home. The borrowed funds can generally be taken out as a lump sum, a regular income stream or a combination of both.

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Retirement Villages

Retirement villages are generally built as a group of units or villas with entry restricted to people who are over 55 and retired from full-time employment. Retirement Villages operate under the relevant state or territory legislation, often called the Retirement Villages Act.

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Deeming

Deeming is a set of rules used to assess income from financial investments for social security and aged care purposes. Deeming assumes that financial investments earn a certain rate of income, regardless of the amount of income they are actually earning. If income support recipients or aged care residents earn more than these rates, the extra income is not assessed.

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