I recently did a television interview on the subject of reverse mortgage finance for seniors with Yahoo 7. You can find it here.
It’s a quick, handy insight into how reverse mortgages work, and the “do’s and don’ts” of these loans.
If you have any further queries, you can email me directly info@reversemortgagewatch.com.au or call Seniors First [...]
I was recently interviewed for the article below & am keen to hear from any people this may have affected. Post your comments below or email directly at info@seniorsfirst.com.au
Regards,
Darren
Vast changes to the reverse mortgage market in tandem with the recent NCCP introduction is leaving a large pool of older borrowers without acces to funds.
Seniors First [...]
The assistant treasurer, Bill Shorten, recently tabled new ’second phase’ National Consumer Credit Protection (NCCP) legislation to parliament. For reverse mortgages, the Bill includes:
A no-negative-equity guarantee for reverse mortgages, so seniors can’t end up owing more to the lender than their home is worth
Other protections and disclosure requirements to ensure consumers can use reverse mortgages [...]
We hear along the industry grape vine that a new reverse mortgage lender, specialising in aged care and accommodation bonds, will emerge shortly.
This is great news for Australians seeking to fund aged care without selling the family home, as reverse mortgage and equity release options for this are currently extremely limited.
More news as it comes to hand [...]