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Reverse mortgages back in vogue

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Australian Broker | 14 Mar 2014, 08:00 AM Agree 0
The move by two major funders to offer reverse mortgages again is an indicator the market is picking up since the global financial crisis, says First Mortgage Services.
  • mick | 14 Mar 2014, 10:04 AM Agree 0
    Fully agree with Mr Evans at FMS.The elderly should enjoy the benefits of seniors equity release and ignore the selfish children who are greedy enough to put their own self interests before their parents who sprnt hundred of thousands of dollars on their privilaged upbringing
  • Greg of Perth | 14 Mar 2014, 12:42 PM Agree 0
    Reverse Mortgage? Now there's a misnomer. Does that really mean the lender would allow a Mortgage to be taken over its Assets by the client....
    If you don't understand, then you really need to.
  • Scott Beattie - Cube Home Loans | 17 Mar 2014, 09:36 AM Agree 0
    Whilst I have ever only done 1 x reverse mortgage (and it was to assist their child to enter the property market), I always saw the product more to assist seniors who were cash flow poor, but asset rich to fund a lifestyle that their bank accounts wouldn't allow.
    I think the product is great for the right client - it's not personally a market that I would target, but for a semi-retired or a low volume broker just wanting to do a few loans here and there, I think it could be a great product to target.
    I think the SEQUAL accreditation on top of the MFAA etc makes it a real targeted product as opposed to a broker just offering it in their suite of products to clients.
  • Papery | 17 Mar 2014, 10:04 AM Agree 0
    Agree. Its when the greedy kids find out about the reverse mortgage that their perfectly capable parents put in place & start worrying about their inheritance that the mis information comes out.
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