Adelaide-based Reverse Mortgage Specialists has transitioned to part of Smooth Retirement, a specialised financial advice services specifically for retirees which launched only nine months ago.
The concept of Smooth Retirement was created by two South Australians: Bob Budreika of Reverse Mortgage Specialists and Scott Phillips who was a former banker, financial planner and senior manager of a large superannuation fund.
Phillips said they had wanted to find a better way to help people access the wealth derived from their home.
“So many retirees were made to feel like they had failed and the only options they were being given were to cut back and budget or to sell their family home,” Phillips said.
“And all the while accessing some of the equity in the family home, which was by far their greatest source of wealth for these people, was not even discussed.
“There were all these people feeling poor and worried yet living in homes worth $800,000 or more and it just seemed ludicrous to us.”
Reverse Mortgage Specialist was the only reverse mortgage broker in Australia, which had assisted South Australians with reverse mortgage and aged care products.
“Smooth Retirement gives people the ability to live a rewarding life in retirement without having to live in fear – fear of living too long and fear of running out of money,” Budreika said.
“It gives them options, a Plan B, and most importantly piece of mind.”