Australia: Brakes on reverse mortgages

Australia: Brakes on reverse mortgages,

Although the reverse mortgage market grew strongly in recent years, a new Datamonitor report has shown signs that the sector is slowing down.

The Reverse Mortgages in Australia and New Zealand 2007 report found reverse mortgage advances increased by $385 million over two years, representing more than $624 million in 2006. But against that, the sector is only expected to grow a further $36 million in 2007, or a small six per cent growth on the previous year.

Kieran Dell, executive director at SEQUAL, said the amount of reverse mortgages in NSW had reduced by 32 per cent in the year up to June.

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Written by News & Feeds on November 26th, 2007 with comments disabled.
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