Reverse mortgages on the rise [Australia]

Reverse mortgages on the rise [Australia],

RETIRED workers are being forced to borrow against the value of their homes to cover the higher cost of living in Australia.

A study by auditing firm Deloitte found that the value and number of reverse mortgages taken out in Australia had doubled over the past two years.

There are now 33,700 reverse mortgages in Australia totalling more than $2 billion in value - a rise of 34 per cent in the past year.

Deloitte partner James Hickey said that during the past year $466 million was borrowed - the majority in a lump sum, rather than an income stream.

Full post here Reverse Mortgage Loan Blog

Written by News & Feeds on March 28th, 2008 with comments disabled.
Read more articles on Feeds and Wires.

Three Warnings for Hard Times (July 18th, 2008)
Better think twice (July 18th, 2008)
Reverse Mortgages Promise Seniors Cash, Advisers Urge Caution (June 30th, 2008)
Some say reverse mortgages are the way to go (June 12th, 2008)
From Kiplinger’s Personal Finance magazine, 2008 (June 12th, 2008)

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