Independent Financial Adviser --- Page: 10 : 23 April 2007 Original article by Victoria Young
ABIX Summary
The value of the Australian reverse mortgage market has grown by 80 per cent over the past year to $A1.5 billion. This is according to research conducted for the Senior Australian Equity Release Association of Lenders (Sequal) by Trowbridge Deloitte. Over 27,500 people have now taken out a reverse mortgage, with the average age of borrowers being 72 and the average loan totalling $A54,200. The regular draw down type of reverse mortgage was found to be most popular with borrowers between the age of 70 and 80, with the lump sum draw down type being the preferred type of reverse mortgage for people between 60 and 70.
