Australia’s Reverse Mortgage Market Continues To Grow
An image of Australian Housing
From time to time I like to take a look at the reverse mortgage market from a global perspective. Many westernized countries including Australia, New Zealand, Canada and England offer various forms of what we refer to as reverse mortgages.
While the global housing related financial sectors of various economies may been headed towards record lows, the one bright spot has been the reverse mortgage niche. I think this is profound considering so much of the record equity built in the first half of the century has been wiped away. This means many seniors have outright owned their homes for years and the recent gains had no real baring on their estimated values.
In fact Australia’s market, much like that of the U.S. actually has experienced significant gains in the past 12 months. According to Larry Schlesinger at Brokers News
There are more than 36,600 reverse mortgage loans currently held in Australia worth $2.3bn, according to the latest Deloitte SEQUAL Reverse Mortgage Study.
According to the research, which looked at the market up until 30 June 2008, this represents almost 14% growth over the past six months and 27% growth over the past 12 months (from 30 June 2007). Full Story.
Of note in that same times, the Australian dollar/currency has gone from roughly
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Local Focus: Michigan Reverse Mortgage Stats
michigan reverse mortgage loan closed 2008.
| Top Michigan HECM Lenders | HECM Loans 2008 |
|---|---|
| WORLD ALLIANCE FINANCIAL CORP | 123 |
| SENIORS EQUITY INCOME INC | 87 |
| REMINGTON MORTGAGE INC | 85 |
| COLONIAL MORTGAGE CORP | 75 |
| WELLS FARGO BANK NA | 74 |
| FIRST FINANCIAL MORTGAGE CORP | 67 |
| FINANCIAL FREEDOM SENIOR FUNDI | 47 |
| CENTURION MORTGAGE CORPORATION | 45 |
| VAN DYK MORTGAGE CORPORATION | 39 |
| SUCCESS MORTGAGE PARTNERS INC | 37 |
| ALLIED HOME MORTGAGE CAPITAL C | 34 |
| BEST MORTGAGE SERVICES LLC | 27 |
| SECURITY MORTGAGE CORPORATION | 27 |
| SENIOR AMERICAN FUNDING INC | 21 |
| EXECUTIVE MORTGAGE OF MICHIGAN | 21 |
| INDEPENDENT MORTGAGE COMPANY | 17 |
| TOP FLITE FINANCIAL INC | 16 |
| SENIOR INDEPENDENCE LLC | 15 |
| QUALITY 1ST LENDING LLC | 14 |
| PACIFIC REVERSE MORTGAGE INC | 12 |
| CLARK FINANCIAL GROUP LLC | 11 |
| COUNTRYWIDE BANK FSB | 11 |
| OMNI HOME FINANCING INC | 11 |
| GRIFFIN FINANCIAL MORTGAGE LLC | 11 |
| NATIONAL CITY BANK | 9 |
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Silverboat.com Introduces Socially Responsible Lending for Seniors … - MarketWatch
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Silverboat.com Introduces Socially Responsible Lending for Seniors …
MarketWatch - "Potentially troubling," concedes Peter Bell, President of the National Reverse Mortgage Lenders Association (NRMLA), is the wave of unscrupulous players … |
Titan Lenders Corp and Bay Docs Partner on HECM Outsource Service - MarketWatch
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Titan Lenders Corp and Bay Docs Partner on HECM Outsource Service
MarketWatch - According to Kladde, Titan Lenders Corp will absorb any cost or fees related to errors in its delivery of reverse mortgage services to lenders. … Reverse mortgages set record, new loan limit eyed |
A lift for reverse mortgage market - HeraldNet
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A lift for reverse mortgage market
HeraldNet, WA - Reverse mortgages are originated largely by private lenders. Most are members of the National Reverse Mortgage Lenders Association (www.reversemortgage.org) … Ins and outs of reverse mortgages |
Reverse mortgage turns home equity into cash - Centre Daily Times
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Centre Daily Times, PA - Oct 22, 2008
None of your other assets will be affected by HUD’s reverse mortgage loan. Q: Can a lender take my home away if I outlive the loan?
A: A reverse mortgage is a special type of home loan that lets a homeowner use a portion of the equity in his or her home and convert it to cash. Unlike a traditional mortgage and home-equity loan, there is no repayment required until the borrowers no longer use the home as their principal residence. This program is federally insured and is a program sponsored by the Department of Housing and Urban Development.
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