Fewer borrowers are choosing to deal direct with the lender when it comes to reverse mortgages, the Deloitte SEQUAL Reverse Mortgage Study has revealed.
The study, released yesterday, showed that while the direct channel holds 56 per cent of outstanding loans, over the first half of 2008, 48 per cent of reverse mortgage loans were written through brokers and financial planners.
The study also showed that the reverse mortgage market continues to grow despite a more constrained lending market.
As of June 2008 the market’s value sat at $2.3 billion, representing annual growth of 27 per cent.
This compares to 33 per cent growth from December 06 to December 07 and 78 per cent growth between December 05 and December 06.
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