The Senior Australian Equity Release Association of Lenders (SEQUAL) has released findings of a report which indicate almost a doubling in the number of people taking out reverse mortgages.
The SEQUAL study revealed that the market has almost doubled in the past 18 months, that the average age of borrowers is 74 and that 45% of loans are taken out by couples, followed by single women with 40%.
There has also been an increase in the number of providers as well as an expansion in the avenues through which people can access reverse mortgages, as not only banks but also mortgage brokers and financial planners have become more active in the industry.
This highlights the importance of educating the newer players in the market about the unique characteristics of reverse mortgages. SEQAUL has launched accreditation standards this year as well as researching and approving the Mortgage Industry Association of Australia course for those newer distributors.
SEQUAL off some great information on their website.