The Senior Australian Equity Release Association of Lenders (SEQUAL) has extended its professional education program on reverse mortgages to financial planners, solicitors and accountants.
The move comes in response to research findings that although retiree demand for these products is increasing, many do not understand even their basic premise.
SEQUAL’s network of accredited reverse mortgage consultants (RMCs) now numbers more than 1,000, which head of education Kevin Conlon said has been fuelled by retiree demand for the product.
However, the recent SEQUAL-Retail Finance Intelligence Reverse Mortgage Study, ‘It’s on the House’, found that while 78 per cent of retirees who responded to the survey had heard of reverse mortgages, only 40 per cent understood the basic premise of the product.
To help remedy the situation, SEQUAL has extended its RMC-designation program to planners and other financial professionals. The designation enables retirees to easily identify those who can be considered a reliable source of information on reverse mortgages.
“Reverse mortgages are unique products that require a specific approach,” he said.
“SEQUAL’s training is vital for financial professionals, regardless of the Government’s green paper reforms.”
