Reverse Mortgage training Down Under

Posted by charles dennis

August 3, 2007

It seems as though by the mountains of emails I receive regarding the reverse mortgage in other countries, America is not alone in their quest to exploit the popular new mortgage product. In Australia, brokers and estate planners are lining up to gain accreditation to complete the loans.

Over Fifty Group (OFG) and SEQUEL have partnered up to provide reverse mortgage accreditation courses for brokers and planners.

Driven by the growing popularity of reverse mortgages and equity release products, as well as growing pressure from consumer groups such as Choice, the course will be offered free, but with a $75 registration fee payable to SEQUAL.

Technical services manager Benedict Davies said the establishment of SEQUAL’s accredited course earlier this year helped develop the seminar program, which formalises training work OFG had already done in reverse mortgages,

“As a product provider, we want to ensure intermediaries who recommend the product have an acceptable level of training. It protects our interests but importantly it protects the consumer’s interests as well,” he said.

Benedict said he hoped to get around 100 planners and brokers to the sessions, 50 per half-day course.

Courses will be available in all mainland states, but will exclude Tasmania and the Territories. However, Davies said if there was demand, extra seminars could be arranged.