Reverse Mortgages – Star Ratings
The results are in: CANSTAR’s 2016 Reverse Mortgage Star Ratings research report is a great example of what’s on offer in Australia when it comes to home equity retirement solutions.
Industry leaders Deloitte and SEQUAL have found that reverse mortgages are regaining popularity, with 40,000 reverse mortgages in Australia in 2015, amounting to $3.6 billion worth of loans. The average loan for a reverse mortgage is currently $92,000 in size and is held by a 75-year-old Australian.
Reverse mortgages are one way older Australians can access extra income during their retirement to supplement their income from superannuation or the Age Pension. Research by the Productivity Commission in 2015 showed Australians want to grow older in their own homes rather than moving into residential aged care – and a reverse mortgage can be one way to afford aged care in your own home.