Reverse Mortgages and Older People

Catherine E. Bridge; Toni Adams; Peter Phibbs; Mark R. Mathews; Hal L. Kendig

Reverse Mortgages and Older People

Catherine E. Bridge, Toni Adams, Peter Phibbs, Mark R. Mathews, Hal L. Kendig

Western Sydney University

Research output: Book/Research Report › Research report

Abstract

The demand for reverse mortgage products is expected to rise significantly over the next 25 years. As people are living longer, home owners may be willing to trade off housing equity for a level of financial security in retirement. The reverse mortgage market has gained considerable momentum in Australia. In 2008, there were 36 000 reverse mortgages in Australia. Both the number of loans and the size of these loans have increased. At the time of this review, there were seven SEQUAL (Senior Australians Equity Release Association of Lenders) accredited lenders, providing five reverse mortgage products. The variability of reverse mortgage products and the access to information regarding these products have implications for both consumers and governments, with take up potentially impacting on income support levels and demand for government aged care services.

Original language	English
Place of Publication	Melbourne, Vic.
Publisher	Australian Housing and Urban Research Institute
Number of pages	4
Publication status	Published - 2011

Keywords

mortgages
older people

Cite this

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abstract = "The demand for reverse mortgage products is expected to rise significantly over the next 25 years. As people are living longer, home owners may be willing to trade off housing equity for a level of financial security in retirement. The reverse mortgage market has gained considerable momentum in Australia. In 2008, there were 36 000 reverse mortgages in Australia. Both the number of loans and the size of these loans have increased. At the time of this review, there were seven SEQUAL (Senior Australians Equity Release Association of Lenders) accredited lenders, providing five reverse mortgage products. The variability of reverse mortgage products and the access to information regarding these products have implications for both consumers and governments, with take up potentially impacting on income support levels and demand for government aged care services.",

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AU - Phibbs, Peter

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N2 - The demand for reverse mortgage products is expected to rise significantly over the next 25 years. As people are living longer, home owners may be willing to trade off housing equity for a level of financial security in retirement. The reverse mortgage market has gained considerable momentum in Australia. In 2008, there were 36 000 reverse mortgages in Australia. Both the number of loans and the size of these loans have increased. At the time of this review, there were seven SEQUAL (Senior Australians Equity Release Association of Lenders) accredited lenders, providing five reverse mortgage products. The variability of reverse mortgage products and the access to information regarding these products have implications for both consumers and governments, with take up potentially impacting on income support levels and demand for government aged care services.

AB - The demand for reverse mortgage products is expected to rise significantly over the next 25 years. As people are living longer, home owners may be willing to trade off housing equity for a level of financial security in retirement. The reverse mortgage market has gained considerable momentum in Australia. In 2008, there were 36 000 reverse mortgages in Australia. Both the number of loans and the size of these loans have increased. At the time of this review, there were seven SEQUAL (Senior Australians Equity Release Association of Lenders) accredited lenders, providing five reverse mortgage products. The variability of reverse mortgage products and the access to information regarding these products have implications for both consumers and governments, with take up potentially impacting on income support levels and demand for government aged care services.

KW - mortgages

KW - older people

UR - http://handle.uws.edu.au:8081/1959.7/uws:30598

UR - https://www.ahuri.edu.au/research/research-and-policy-bulletins/136

M3 - Research report

BT - Reverse Mortgages and Older People

PB - Australian Housing and Urban Research Institute

CY - Melbourne, Vic.

ER -

Reverse Mortgages and Older People

Abstract

Keywords

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