The Over Fifty Group has announced its decision to withdraw from the reverse mortgage market.
Effective yesterday, the lender will no longer accept new loan applications, however all existing loans will be processed and serviced as usual.
John McBain, CEO of the Over Fifty Group, said the decision to discontinue reverse mortgages had been difficult but was by far the most profit-accretive to the group.
“Many factors were taken into account but ultimately we believe increasing balance sheet exposure in this sector would be inappropriate given OFG’s size and our conviction to concentrate on core activities,” he said.
Mr McBain said the group’s reverse mortgage product, systems and distribution were industry leading but best suited to a large institution such as a bank or a building society.
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