New broker brand enters reverse mortgage space

31 October 2019

A new player has entered the reverse mortgage market in Australia.

Smooth Retirement has announced its presence, claiming to be Australia’s first independent equity release specialist combining equity release advice and broking in an all in one service.

The company is based in Perth and its chief executive and managing director, Scott Phillips said that it had set about creating a specialist service that was accessible both online or via a telephone and which was affordable.

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“Equity release is complex and understanding how the different products work and which one is the best for you is challenging. And while access to independent expert advice is all important when planning retirement finances, the traditional channels can be cost prohibitive, and difficult to navigate, for many retirees,” Phillips said.

Phillips is a former banker and financial planner and said the business was independent and non-aligned to lenders, providers or banks.

“We work with and/or refer to all the reverse mortgage lenders and equity release provider,” he said.

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Sounds like a "fee for service" for a credit product

I took at look at their website. Their 'smart tech' turns out to be an excel spreadsheet that was written for them by a subcontractor. What kind of 'fintech' company doesn't even have the smarts to write a simple financial forecasting spreadsheet by themselves?

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