DomaCom has announced it has launched a senior equity release product (SER) aimed at enabling financial advisers to offer the product to clients who are seeking to release a portion of equity from their property.
The product would come with an adviser accreditation course, the firm said.
According to DomaCom, this would be the first equity release product available to financial advisers and not structured as either credit or real estate products.
“The company’s senior equity release is the first financial product in this space that gives financial advisers the ability to provide valuable options to asset rich and cash poor senior Australians by enabling them to sell a portion of their property,” DomaCom’s chief executive, Arthur Naoumidis, said.
According to him, there were over 3.8 million Australians over the age of 65, many of whom would be seeking to unlock their home equity and transition towards retirement living.
“With the number of Australians over 65 each year, we believe that the launch of our SER product puts financial advisers and DomaCom is an unmatched position to service retires with the significant long-term growth opportunity.”
Additionally, the researchers from the University of New south Wales (UNSW) Business School have recently investigated behavioural and other issues behind the low uptake of reverse mortgages in Australia.