The Growing Reverse Mortgage Market
19 June 2017
Here at Heartland, we have seen a considerable increase in demand for reverse mortgages, with record volumes in the past twelve months. With around 70% of the total wealth of Australian retirees tied up in the family home, this increase in demand is unsurprising.
In fact, more and more retirees are thinking about what it might be like to have their home make payments back to them and are turning to reverse mortgages as a way to help manage their financial commitments. Added to this an ageing population, increasing property prices, and increased indebtedness, the time is right for more seniors to look to release the equity in their home to live the retirement they deserve.
To further support this growing sector evidence, the results of a poll of over 100 brokers we conducted during a recent webinar we held with Mortgage Professional Australia found that 99% of brokers believe the Reverse Mortgage market will grow in the next 5 years, however only 43% had written one.
Mortgage brokers are a highly valued channel for prospective reverse mortgage customers to discuss their needs, the options available and the most suitable loan structure. Brokers can be of particular value to customers, as they place emphasis on excellent service and creating a smooth process.
Heartland has access to brokers who specialise in reverse mortgage loans across Australia. If you would like to meet with an accredited specialist in person to discuss a Heartland Seniors Finance loan, simply give us a call on 1300 889 338 or email us at [email protected] and we can arrange this for you.