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.
After working hard for many decades it is disheartening to say the least when seniors find their retirement income is insufficient to enjoy the lifestyle they were dreaming of. There can be many reasons for this, some of which are out of your control, some of which are within your control.
We all like to picture our retirement through rose tinted glasses, but the reality is a little less promising. Both the economic system and demographic landscape are undergoing rapid changes and these are having a direct impact on the retirement income of Australians.