Get notifications in real-time for staying up to date with content that matters to you.
The majority of borrowers that have taken out a reverse mortgage were not fully informed about the conditions of their loan, a report issued yesterday by ASIC said.
“Many of those ASIC spoke to did not know how much the loan was likely to cost them over time, and more than half did not know what would happen if they breached a loan condition,” said ASIC executive director of consumer protection Greg Tanzer.
“Most people did not have tailored projections about the likely long-term cost of a reverse mortgage,” he said.
Despite these concerns the report did not find any reverse mortgages in default and all seniors surveyed found their reverse mortgage experience “satisfactory” or better.
The co-founder and CEO of new mortgage lender WLTH has revealed i...
The ACCC has revealed examples of the types of business loans tha...
The time it takes from loan submission to approval surpassed 25 d...
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Do you expect mortgage applications to increase or decrease over Summer?
