The category of reverse mortgage products offered in some other countries appears to be generating new interest in foreign countries, especially Canada and Australia. This is according to the recent worldwide reverse mortgage loan coverage available in these countries.
HomeEquity Bank, the leading bank offering reverse mortgages to Canadian seniors aged 55 and over, recently reached a milestone in evaluating its reverse mortgage portfolio, according to Canadian publication MortgageBrokerNews.ca.
“HomeEquity Bank revealed that its portfolio of reverse mortgages under management recently exceeded $ 5 billion. [CAD] for the first time, “the newspaper said this month. The lender described the growth as ‘strong market momentum’, adding that the reverse mortgage sector is ‘poised to grow another $ 1 billion in 2021 alone.’
HomeEquity Bank executive vice president and chief marketing officer Yvonne Ziomecki told the publication why the business appears to be poised for relatively rapid growth, and noted that older Canadians are showing their desire to stay in their homes.
“Over the past year, we have conducted a series of nationwide surveys and found that more than a quarter of homeowners over 55 would consider using their home equity to fund retirement,” Ziomecki told the publication. “What’s more, 45% of older homeowners say using home equity in their homes should be a major component of retirement planning.”
According to CEO Stephen Ranson, the success and achievement of a milestone is also a testament to the company’s dedication.
“Since our inception, our goal has always been to help Canadian homeowners retire on their terms with loan solutions tailored to their individual needs,” Ranson told the site. “This record growth demonstrates a surge in interest in reverse mortgage products as millions of homeowners 55 and older are realizing the tremendous value and flexibility they provide.”
In Australia, a financial columnist received a question about various reverse mortgage offers in that country, describing the reverse mortgage offers in that country as specifically designed to help homeowners get more capital than they have cash.
“The whole point of any form of reverse mortgage is to help asset-rich seniors with limited cash to use the savings in their home to fund their retirement,” columnist Noel Whitaker writes in the Sydney Morning Herald. “You can live in your home for as long as you want (ie you have guaranteed employment), you don’t need to make regular payments, and you can improve your retirement funding and living standards.”
All commercial lenders in the reverse mortgage industry (with the exception of the Australian government’s retirement benefit scheme) have been overridden, Whitaker said, providing visible consumer protection for older people in Australia.
“It is important that you and your attorney are fully aware of this,” he writes. “The problem for you might be that the property is owned by shared tenants. Confirm in advance if this is acceptable to the lender. “