A third of retirees with reverse mortgages are using the funds from their loan to fund home improvements, a new study has found.
According to a report by the Royal Bank of Scotland (RBS) and Deloitte, 32 per cent of retirees use their reverse mortgages to finance renovations, The Age reported today.
Debt repayment and retirement income were also key uses for reverse mortgages, the study found, while 6.6 per cent of retirees used the equity in their homes to help family members.
According to the study the average value of reverse mortgage is $60,000.
RBS now holds a 40 per cent share of the reverse mortgage market after its acquisition of ABN AMRO Australia late last year.
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