Which reverse mortgage lenders are best?

by Darren Moffatt 12 September 2010

The best reverse mortgage will depend on your own particular circumstances, and crucially, how you intend to use the money. There is never any single answer as to which is ‘the best’, and indeed the Australian reverse mortgage market changes constantly so making any sweeping recommendations is fraught with danger. One of the few certainties […]

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Retirees suffer lower pension incomes due to GFC

by Darren Moffatt 30 August 2010

As reported in the Sunday Telegraph, a new report by Superratings.com.au has shown that the global financial crisis continues to decimate the retirement incomes of senior Australians. Thousands of self-funded retirees have been forced to take cuts of up to 30 per cent in their  superannuation pensions,  and many are beginning to turn to reverse mortgages to […]

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Seniors don’t want to move house

by Darren Moffatt 19 August 2010

According to new research, more than 90% of home owners aged 55 and over want to stay in their homes for as long as possible. An Australian Housing and Urban Research Institute survey of 1,600 ageing home owners found the vast majority of home owners wanted to stay in the familiar surrounds of their own […]

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SEQUAL responds to government reverse mortgage regulation push

by Darren Moffatt 10 August 2010

Reverse Mortgage Industry Body Warns Government Against Poorly Considered Regulation Kevin Conlon, Chief Executive of SEQUAL, the peak industry body for the Equity Release market, has responded in support of the initiative announced by the Prime Minister but warns that any regulatory change needs to be carefully considered and proper regard given to the extensive […]

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Government announces regulation of reverse mortgages

by Darren Moffatt 9 August 2010

In announcing the “Delivering for Seniors” package on Saturday, Prime Minister Gillard has confirmed that a re-elected Labor Government would provide greater protection for older Australians with a Reverse Mortgage. She said she would ‘stop the rip-offs’ and provide the following protections: Extended protection for reverse mortgages and home reversion schemes, including greater disclosure of […]

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Retiree debt continues to grow

by Darren Moffatt 2 August 2010

As I said in a recent interview with the Sunday Telepgraph, the SEQUAL statistics show that the proportion of retirees using reverse mortgages for debt consolidation has increased by 25 per cent in just two years. This seems to indicate that seniors are either retiring with more debt than ever before, or worst still, they’re accumulating high […]

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Homesafe solutions on today tonight

by Darren Moffatt 29 July 2010

Earlier this week the Homesafe Solutions senior’s equity release product was profiled on Channel 7’s Today Tonight program. The story was well-balanced, and tapped into the fast-growing demand for home equity release amongst Australian pensioners and self-funded retirees. The Homesafe Solutions ‘Debt-free equity release’ can be a good solution, and for some people will be a preferred option […]

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Credit regulation further protects seniors

by Darren Moffatt 27 July 2010

From July 1st, ASIC formally took over the regulation of the Australian credit market with the Federal Government’s new legislation, the National Consumer Credit Protection (NCCP) bill, coming into effect for the first time. This is a win for consumers generally, and seniors in particular. The centrepiece of the bill, ‘Responsible Lending’, now makes it an offence for […]

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Reverse mortgage market hits $2.7 billion

by Darren Moffatt 13 July 2010

Although a number of prominent lenders have left the market over the last eighteen months due to the global financial crisis, a new study has found that the reverse mortgage market continues to grow with total loans now exceeding $2.7 billion. The SEQUAL report found that reverse mortgages increased by 4 per cent in the […]

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NSW govt helps seniors downsize

by Darren Moffatt 11 June 2010

In a positive move, the state government has just announced in its budget that NSW home owners over 65 will soon get an exemption on stamp duty when downsizing to buy a new home for less than $600,000. This represents a potential saving of about $25,000, and will make selling and buying another home of lesser value […]

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