11 Jun 2024

Mayor suggests reverse mortgage to deal with rates and cost of living 

From Nine To Noon, 9:05 am on 11 June 2024

Central Otago mayor Tim Cadogan did not expect the pushback he got when he suggested pensioners reverse-mortgage their homes to help with the cost of living.

Cadogan has been going to public meetings about an average 18 per cent rates rise for the Central Otago district. He says several individual pensioners bemoaned the rates rise, and they doubted they could feed themselves and heat their homes.

So, he suggested, for those that owned their homes, to reverse mortgage to get more cash. 

Central Otago mayor Tim Cadogan

Central Otago mayor Tim Cadogan Photo: Supplied