Australia’s Reverse Mortgage Market Continues To Grow
An image of Australian Housing
From time to time I like to take a look at the reverse mortgage market from a global perspective. Many westernized countries including Australia, New Zealand, Canada and England offer various forms of what we refer to as reverse mortgages.
While the global housing related financial sectors of various economies may been headed towards record lows, the one bright spot has been the reverse mortgage niche. I think this is profound considering so much of the record equity built in the first half of the century has been wiped away. This means many seniors have outright owned their homes for years and the recent gains had no real baring on their estimated values.
In fact Australia’s market, much like that of the U.S. actually has experienced significant gains in the past 12 months. According to Larry Schlesinger at Brokers News
There are more than 36,600 reverse mortgage loans currently held in Australia worth $2.3bn, according to the latest Deloitte SEQUAL Reverse Mortgage Study.
According to the research, which looked at the market up until 30 June 2008, this represents almost 14% growth over the past six months and 27% growth over the past 12 months (from 30 June 2007). Full Story.
Of note in that same times, the Australian dollar/currency has gone from roughly 93 cents to 60 cents to the U.S. dollar. In other words, their financial hard times are much more pronounced than that of the U.S.
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- California Reverse Mortgage Information
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Comments
I read a book called “Mortgage Meltdown” and it really helped me understand that I’m not the only one going through this. I was also able to apply for a grant from a non-profit to help me with my mortgage. I think anyone who is trying to save his or her home, like me, should read this. Go to http://www.48grant.com
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