Reverse mortgages to be regulated by ASIC

by Darren Moffatt 4 June 2008

The Federal Government yesterday released a Green Paper on the impending federal regulation of the credit sector. This discussion paper indicates that ASIC will soon regulate the provision of reverse mortgages to senior consumers. The Green Paper outlines a way forward for the Commonwealth and states to transfer the remaining financial services regulation from the State […]

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Which bank is best for a reverse mortgage?

by Darren Moffatt 29 May 2008

There is no single, easy answer to this question. All of the banks and lenders who provide reverse mortgages in Australia have different rates, fees and product features. The best lender for you will be determined by your specific needs. For example: if you are seeking a 3 year fixed rate, only two lenders in the market offer this […]

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How a Reverse Mortgage Consultant can help

by Darren Moffatt 23 May 2008

If you’re thinking about a reverse mortgage, then your best source of information and assistance will be someone who has completed the SEQUAL accreditation. If they’ve done the course and gained the accreditation, they will have a good understanding of all the issues surrounding these loans and should be able to show you how to […]

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FREE Reverse Mortgage seminars in Melbourne

by Darren Moffatt 19 May 2008

Public seminars can be a highly effective way to get information on reverse mortgages you need. For people in Melbourne considering a reverse mortgage, Seniors First are conducting a series of FREE public forums this week. With representatives from Centrelink and the legal profession attending, this is your opportunity to get all the facts. The dates and venues […]

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Money for living director prosecuted

by Darren Moffatt 13 May 2008

If you live in Victoria you may recall the ‘Money for Living’ scam of 2005 where several hundred pensioners were fleeced by a former convicted fraudster operating a dodgy equity release scheme. ASIC have now successfully prosecuted the director, Gary O’Neill, and he recently pleaded guilty to two counts of dishonestly using his position as an officer of a company. […]

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Bluestone withdraws from broker channel

by Darren Moffatt 12 May 2008

Bluestone Equity Release has announced that they will scale back their Australian reverse mortgage offer as a result of the global credit crunch. Due to the rising cost of funding, Bluestone have withdrawn from the mortgage broker & financial planner channel. Although their award-winning reverse mortgage will still be available via credit unions and other alliance partners, […]

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ASIC conduct reverse mortgage survey

by Darren Moffatt 6 May 2008

The Australian Securities & Investments Commission (ASIC) is seeking people to participate in research on reverse mortgages. ASIC is undertaking this research into consumer’s experience of reverse equity, as part of it’s role as the consumer protection regulator. Participants must live in Victoria and have taken out a reverse mortgage within the last 12 months. The […]

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Accessing additional funds from your reverse mortgage

by Darren Moffatt 5 May 2008

When establishing a reverse mortage, it is usually a good idea to provision for your future needs within the loan structure as well. In addition to borrowing a lump sum for your immediate needs, you can often also set up a ‘cash reserve’ or ‘line of credit’ that can act as an emergency fund for future […]

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Cannex rates best reverse mortgage

by Darren Moffatt 1 May 2008

Cannex, the main rating agency for financial products in Australia,  has just announced the findings of their most recent research into Australian reverse mortgages, and they’ve found only two providers are worthy of their ‘5 star’ superior value rating.   Although the Cannex research is a handy tool, it should just be one factor among many when choosing your […]

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Non-reverse mortgage options

by Darren Moffatt 28 April 2008

The Bendigo Bank seniors equity product, also known as debt-free equity release, can be a good alternative to reverse mortgages in some cases. It is not a loan, and there is no interest. Instead, you sell a share of your home in return for cash. This product is only available in metro Sydney and Melbourne […]

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