After recently downsizing their conventional and non-conforming home loan business as a result of the credit crunch, Bluestone have made plans to expand their reverse mortgage business. They have identified this sector as having particularly strong growth prospects over the coming years.
Bluestone will attempt to increase distribution of its reverse mortgage product, EQUITYtap, by making it compulsory for mortgage brokers to become accredited before they explain to consumers the risks and rewards of reverse mortgages.
Under the initiative all brokers must achieve Senior Australians Equity Release Association of Lenders [SEQUAL] accredited reverse mortgage consultant status from May.