Reverse mortgage market grows to $1.8b

Reverse mortgage market grows to $1.8b,

Australia’s reverse mortgage market has ballooned in the past 12 months to be worth $1.8 billion and is likely to keep growing as baby boomers look to fund a more comfortable retirement.

Reverse mortgages allow retirees to borrow against the equity in their home.

The loan, plus interest, is usually paid back at once when the borrower sells the house - either when they move into a retirement home or die.

The first reverse mortgage was issued in Australia in 1986 by Advance Bank before it was bought by St George Bank Ltd, which is now a major player in the market.

(more…)

Full post here Reverse Mortgage Loan Blog

Written by News & Feeds on October 7th, 2007 with comments disabled.
Read more articles on Feeds and Wires.