In our previous blog we went through some of the factors seniors should consider when determining how they will obtain sufficient retirement income. As the choice can seem complex, we will discuss a few more considerations in this installment.
As the debate and discussion surrounding Australia’s aging population and the need for sufficient retirement income continues, many seniors are left wondering what their options are.
Although the number of people taking out a reverse mortgage in Australia is on the rise, the market is still extremely small compared to that generated by standard home loans. To give you some idea of the imbalance between the two we can compare the market share of home and reverse mortgage loans. Nationwide, outstanding home loans total some $1.2 trillion, with only around 5 per cent of this figure attributable to reverse mortgage.