Building Society IMB has teamed up with mortgage provider Over Fifty Group (OGF) to forge a presence in the reverse mortgage market.

IMB chief executive Wayne Morris said the group spent the past 12 months searching for the best avenue to provide reverse mortgage products, with the partnership with OFG proving the best option.

“Reverse mortgages are an ideal way for retirees to manage their finances. So many people work all their lives and then retire to find their wealth is tied up in their real estate,” Morris said.

“Reverse mortgages give them access to equity to enjoy their retirement and live the way they are used to living.”

OFG managing director Chris Martin predicts the next decade will see reverse mortgages becoming as common as personal loans and home mortgages.

“The popularity of reverse mortgages is increasing every year, and as more and more people reach retirement age they will need to access the equity in their homes to maintain their lifestyles,” Martin said.

“The market perception of reverse mortgages has changed considerably in the past few years. Reverse mortgages are a wealth management tool for every retiree, no matter what their personal circumstances. It is not, as historically positioned, for retirees with limited income.”

IMB has more than $4.2 billion in assets under management and approximately 200,000 members.