Government to back equity release scheme?

by Darren Moffatt 24 January 2011

It now seems possible that the federal government may eventually participate in a senior’s equity release finance scheme.
On Friday, the Productivity Commission released a draft report into the ailing aged care sector, Caring for Older Australians.  The report proposed many long-overdue reforms. They include:

making accommodation bonds available as a payment option across all types of care (not just low, extra [...]

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ASIC announces reverse mortgage regulation

by Darren Moffatt 20 December 2010

As reported in the Herald Sun, the $3 billion reverse mortgage industry is set for a major overhaul with new laws and tougher disclosure rules expected in the new year as phase two of credit regulation under NCCP, commences.
The Federal Government plans to ban contracts which allow negative equity to build up on a reverse mortgage [...]

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Which reverse mortgage lenders are best?

by Darren Moffatt 12 September 2010

The best reverse mortgage will depend on your own particular circumstances, and crucially, how you intend to use the money. There is never any single answer as to which is ‘the best’, and indeed the Australian reverse mortgage market changes constantly so making any sweeping recommendations is fraught with danger. One of the few certainties is [...]

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Retirees suffer lower pension incomes due to GFC

by Darren Moffatt 30 August 2010

As reported in the Sunday Telegraph, a new report by Superratings.com.au has shown that the global financial crisis continues to decimate the retirement incomes of senior Australians. Thousands of self-funded retirees have been forced to take cuts of up to 30 per cent in their  superannuation pensions,  and many are beginning to turn to reverse mortgages to [...]

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Seniors don’t want to move house

by Darren Moffatt 19 August 2010

According to new research, more than 90% of home owners aged 55 and over want to stay in their homes for as long as possible.
An Australian Housing and Urban Research Institute survey of 1,600 ageing home owners found the vast majority of home owners wanted to stay in the familiar surrounds of their own home, [...]

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SEQUAL responds to government reverse mortgage regulation push

by Darren Moffatt 10 August 2010

Reverse Mortgage Industry Body Warns Government Against Poorly Considered Regulation

Kevin Conlon, Chief Executive of SEQUAL, the peak industry body for the Equity Release market, has responded in support of the initiative announced by the Prime Minister but warns that any regulatory change needs to be carefully considered and proper regard given to the extensive industry [...]

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Government announces regulation of reverse mortgages

by Darren Moffatt 9 August 2010

In announcing the “Delivering for Seniors” package on Saturday, Prime Minister Gillard has confirmed that a re-elected Labor Government would provide greater protection for older Australians with a Reverse Mortgage. She said she would ’stop the rip-offs’ and provide the following protections:

Extended protection for reverse mortgages and home reversion schemes, including greater disclosure of the [...]

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Retiree debt continues to grow

by Darren Moffatt 2 August 2010

As I said in a recent interview with the Sunday Telepgraph, the SEQUAL statistics show that the proportion of retirees using reverse mortgages for debt consolidation has increased by 25 per cent in just two years. This seems to indicate that seniors are either retiring with more debt than ever before, or worst still, they’re accumulating high [...]

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Homesafe solutions on today tonight

by Darren Moffatt 29 July 2010

Earlier this week the Homesafe Solutions senior’s equity release product was profiled on Channel 7’s Today Tonight program. The story was well-balanced, and tapped into the fast-growing demand for home equity release amongst Australian pensioners and self-funded retirees.
The Homesafe Solutions ’Debt-free equity release’ can be a good solution, and for some people will be a preferred option to [...]

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Credit regulation further protects seniors

by Darren Moffatt 27 July 2010

From July 1st, ASIC formally took over the regulation of the Australian credit market with the Federal Government’s new legislation, the National Consumer Credit Protection (NCCP) bill, coming into effect for the first time.
This is a win for consumers generally, and seniors in particular. The centrepiece of the bill, ‘Responsible Lending’, now makes it an offence for a [...]

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