Reverse Mortgage State of Play for 2017

by Darren Moffatt on March 7, 2017

  • Sumo

After a long absence being busy with my reverse mortgage broker Seniors First, I thought it was high time to provide a ‘state of play’ update for Reverse Mortgage Australia in 2017.

I’m pleased to report it’s mostly good news! The reverse mortgage market is perhaps the healthiest it’s been in some years. There are a good number of lenders operating in the market, with a wider array of product features and credit policies than has been available for some time. There are also rumoured to be more reverse mortgage lenders entering the market soon.

Perhaps the most notable development has been the re-launch of Australian Seniors Finance as Heartland Seniors Finance. Heartland are currently Australia’s only specialist reverse mortgage lender, and as such are the only to provider to offer the the key feature of ‘monthly payments’ or regular drawdown option. They have also been named the best reverse mortgage lender with an award as Canstar Reverse Mortgage Provider of the Year.

Other lenders active in the market include: CBA, St George, Macquarie Bank, and My Life, My Finance (formerly known as Transcomm Credit Union). Your choice of lender will usually be determined by a number of factors such as:

  • age
  • property value
  • loan amount needed
  • location
  • loan purpose
  • tenancy (whether you reside in the property or not)

As always, I recommend you deal with an specialist reverse mortgage broker to get the help you need in choosing the right lender for your circumstances.

Regards, Darren

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