Even with many financial institutions withdrawing from the market due to the appetite for reverse mortgages, there remains a large demand for equity release solutions for over 60s, according to Homesafe Solutions Pty Ltd.
Homesafe Solutions general manager, Dianne Shepherd has called on better equity release solutions for Australians in the early stages of retirement, and said many had contemplated retirement with undischarged mortgages over family homes.
“Over 60s are looking for equity release solutions to resolve their financial needs and a growing segment of this demographic now recognise the family home can be much more than just a place to live,” she said.
Shepherd said the uprise in the need for over 60s to access equity within their home had resulted from growing interest from professional advisery intermediaries such as accountants, planners and brokers.
“There are alternatives to downsizing or enduring a lifestyle of financial distress for over 60s homeowners by accessing the untapped wealth tied-up in the family home,” she said.
“Most importantly, releasing the equity from the family home can support over 60s with their changing needs over time and must provide them the security to remain in their family home”.
