How do I qualify for a reverse mortgage?

by Darren Moffatt 4 July 2008

In Australia, as long as you own your own home you can get a reverse mortgage from as young as 55, however at that age you would be restricted to just 10% of the home value. As you grow older each year, you can get usually get a an extra 1% of the home value (depending on […]

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Rates on hold for the moment

by Darren Moffatt 2 July 2008

Yesterday the Reserve Bank decided to keep interest rates on hold yet again. Whilst this is good news, there is a growing school of thought that rates may come down later this year as the economy begins to slow considerably. This would provide relief for many households, and would also make reverse mortgages more attractive […]

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Living longer poses new challenges

by Darren Moffatt 25 June 2008

A new report has found that Australians now have the second longest average life span in the world – only the Japanese live longer. Today’s average life span of an Australian at birth is about 81 years — some 25 years longer than a century ago — and rising. While this is obviously good news, […]

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SEQUAL appoints new head

by Darren Moffatt 24 June 2008

Kevin Conlon was today appointed as the first Chief Executive Officer of the Senior Australians Equity Release Association of Lenders (SEQUAL), the peak Reverse Mortgage Industry Association. “Kevin Conlon’s strong background in emerging markets and international banking makes him ideally qualified to take on the inaugural CEO role and guide SEQUAL through the next stage […]

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More on government reverse mortgage survey

by Darren Moffatt 19 June 2008

The NSW Department of Fair Trading consumer survey on reverse mortgages provides a mixed bag of news for the industry and consumers. On the one hand, the results show there is a significant un-tapped market with 48% of respondents indicating they would take a reverse mortgage some time in the future. This will gladden the hearts […]

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Government survey revealing on reverse mortgages

by Darren Moffatt 18 June 2008

The NSW Department of Fair Trading recently conducted an online consumer survey on reverse mortgages that provides an intriguing insight into the public understanding of these loans.  Here is a cross section of the best questions and how people answered:  1) Are you aware of the availability of a credit product for retirees called a reverse […]

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More on SEQUAL network

by Darren Moffatt 13 June 2008

The recent announcement that SEQUAL have now accredited more than a thousand reverse mortgage consultants across Australia is both great news for consumers, and a significant achievement for SEQUAL. It means that no matter where you are located you should be able to track down a local mortgage broker or financial planner who understands the product, and can properly […]

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SEQUAL network of advisers now 1,000+

by Darren Moffatt 12 June 2008

More than 1,000 reverse mortgage consultants have now been officially accredited across Australia, according to SEQUAL, the peak industry group representing reverse mortgage lenders. “Retirees’ demand for reverse mortgages is growing rapidly alongside our ageing population,” said SEQUAL’s Head of Education, Kevin Conlon, who was appointed in 2007 to spearhead the initiative. “SEQUAL is committed to ensuring […]

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Banks hit seniors with interest on fees

by Darren Moffatt 9 June 2008

Choice (Australian Consumer’s Association) recently released a report estimating the major banks are charging consumers $4 billion a year in fees. Senior borrowers are among the worst affected, with reverse mortgages by two of the largest banks both attracting monthly fees of $12 and $15 respectively. These fees will immediately attract interest, which will eventually compound. Based on their current rate […]

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More on ASIC regulation of reverse mortgages

by Darren Moffatt 4 June 2008

The announcement by the Rudd government yesterday that reverse mortgages will be regulated federally through ASIC is a welcome development for consumers. How will this help in a practical sense? It will mean that ALL brokers and organisations selling and advising on these products MUST be licensed and properly qualified. Whilst many reputable groups, such as Seniors First, already […]

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