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Reverse Mortgages in Australia 2004
Datamonitor, June 2004, Pages: 57
Introduction
The reverse mortgage market in Australia is small. However, a number of factors including an aging population, increasing home equity and evidence that Australians have too little saved to fund retirement suggest that the market is destined to grow. How will the reverse mortgage market develop and should lenders enter this section of the mortgage market? This briefing provides the answers.
Scope
Covers reverse mortgage products in Australia
Includes an estimate of the size of the reverse mortgage market and of the amount of equity held by those aged 60 and over
Based on in-depth interviews with executives working within the reverse mortgage market in Australia
Highlights
Reverse mortgages allow those who are over 65 and who own their home outright to borrow based on the equity that they have in their home. Like a regular mortgage the property serves as security for the loan. However, unlike a conventional home loan no repayments are due on a reverse mortgage during the course of the loan.
Despite their poor performance in the 1990s there is now renewed interest in reverse mortgages. This is not only because six lenders now offer the product. Rather it is because a range of other factors are conspiring to create an environment that is conducive to their development.
As the Australian market grows it will be in the interests of reverse mortgage lenders to form a representative body. This body will help build consumer awareness and understanding and maintain standards should lesser known lenders enter the market.
Reasons to Purchase
Learn more about a small segment of the Australian mortgage market but one that is predicted to grow
Examine what markets in the UK, the US and Canada suggest about how the Australian reverse mortgage market might develop
Benchmark competitors in the reverse mortgage market
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