In a positive development for both consumers and the reverse mortgage industry, the Australian Federal Government has recently established free advisory service for seniors considering reverse mortgages.
The service is known as ‘ERRMIS’ which stands for ‘Equity Release / Reverse Mortgage Information Service’ and is part of NICRI (The National Information Centre on Retirement Investments). It aims to provide free independent information and advice to consumers who want to better understand the various aspects and issues of equity release finance.
They send brochures and guides upon request, and you can call their hotline on 1800 615 676 or check out their website at http://reversemortgage.nicri.org.au
Reverse Mortgage Watch highly recommends this service.