Homesafe/Nexus partner for equity release option
Seniors need the ability to access the equity tied up in their family home as another alternative to downsizing or borrowing against their house as they enter retirement, according to Homesafe Solutions.
Homesafe Solutions general manager, Dianne Shepherd, said the equity release had been brought about in line with the company’s agenda to support those in the transition to retirement phase.
The equity release solution would release some of the stored value in family homes to be used as a lump-sum to fund savings, super, and the financial gap left by retirement.
The approach to funding our retirement phase is undergoing immense change and keeping pace with consumer expectations and demands is going to be a real challenge, Shepherd said.
Organisations will need to focus on their core competencies in order to deliver.Nexus Mutual, which was established 48 years ago, has more than 6,000 members.
Chief executive, Ashley Hood, said the credit union remained focused on the improvement of financial wellbeing within its member base.
We need to be relevant to them – build trust by understanding their needs and aspirations, tailor the right solutions for them, he said. Our partnership with Homesafe reflects our commitment to provide members with access to products and services that reflect their needs and aspirations as they evolve.
AUTHOR
Hope William-Smith
Recommended for you
The Federal Court has dismissed a conflicted remuneration case brought by ASIC against the director of life insurance distributor Freedom Group, where Bali holidays and Vespa purchases were among sales incentives.
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
