Reverse mortgage popularity peaks in U.S

by Darren Moffatt 1 February 2010

According to Reverse Mortgage Daily, a U.S leading blog on reverse mortgages, the ‘penetration rate’ for reverse mortgages has just exceeded 2% for the first time.
This means that of all households in America that are eligible, more than 2 per cent have now established a reverse mortgage to help fund their retirement. By comparison in Australia, where our reverse [...]

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Minimum age for reverse mortgages now 63

by Darren Moffatt 1 December 2009

In an unexpected move, the Royal Bank of Scotland (RBS) recently increased it’s minimum age from 60 to 65 years, effective immediately. With only one lender left offering reverse mortgages from 63 years (all others are now 65), this now means that Australian seniors must wait longer to access their home equity.
What were the reasons behind [...]

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Reverse mortgages growing in popularity

by Darren Moffatt 16 October 2009

The number of reverse mortgages in Australia has increased, a new study has found.
According to the report by Deloitte Actuaries and Consultants, the local reverse mortgage market grew by 13 per cent over the last financial year, measured by outstanding balances after 4,950 new borrowers entered the market.
The average age of the reverse mortgage borrower [...]

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Seniors lose pension increase to higher rents

by Darren Moffatt 8 October 2009

The Sydney Morning Herald recently reported that the NSW Government is about to strip the elderly of a portion of their hard-won pension increases, defying the wishes of the Prime Minister.
NSW and other states will raise public housing rents for single aged-care pensioners in tandem with their $30-a-week pension increase.
It means that, from September next [...]

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Aged Pension Increases

by Darren Moffatt 7 October 2009

On September 20th, a number signifcant changes to the government aged pension came into effect.
The single pensioner rate will increase by $65 per fortnight. The pension for couples will also increase by $20.30 per fortnight combined.
The income test and ‘taper rate’ has also changed: the rate at which excess income affects the pension will change from [...]

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Seniors First among top reverse mortgage brokers

by Darren Moffatt 14 September 2009

Seniors First continue to lead the way in showing people over 60 how to find the best reverse mortgage lenders and loan products as they’ve again been named as a finalist for equity release / reverse mortgage broker of the year at the 2009 Australian Mortgage Awards. This year however, Seniors First has received the rare honour of [...]

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More over 55s retiring with debt

by Darren Moffatt 2 September 2009

As highlighted in the Sydney Morning Herald yesterday, more people are still paying off mortgages into their late 50s and beyond as higher house prices fuel bigger loans.
According to an analysis of Bureau of Statistics data, the SMH found that the proportion of people over 55 who own their home outright has fallen from 74 [...]

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Today Tonight gets it wrong on reverse mortgages

by Darren Moffatt 12 August 2009

Today Tonight’s story on reverse mortgages last Thursday night was an opportunity squandered. For a show that claims to serve the interests of seniors and consumers generally, their segment on reverse mortgages was profoundly unhelpful. 
This story was a golden opportunity to educate seniors on the pros and cons of reverse mortgages and how to release [...]

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ASIC releases reverse mortgage guide

by Darren Moffatt 1 July 2009

Tony D’Aloisio chairman of ASICand Paul Clitheroe chairman of the Australian Government Financial Literacy Board, last week launched Thinking of using the equity in your home? A new independent guide to reverse mortgages and other equity release products.ASIC’s new guide is designed to assist people who are considering whether an equity release product is right for [...]

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EXCLUSIVE INTERVIEW: NICRI director of the Equity Release and Reverse Mortgage Information Service (ERRMIS)

by Darren Moffatt 12 June 2009

Reverse Mortgage Watch has written about the new government reverse mortgage information service, ERRMIS, before . This is a free service provided through the National Information Centre on Retirement Investments (NICRI) that’s designed to help Australian seniors make more informed choices about equity release finance. In a coup for Reverse Mortgage Watch, we’re delighted to bring you an exclusive interview [...]

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