Reverse mortgage trap fears
Reverse mortgage trap fears,
Australia’s investment watchdog has called for better disclosure on reverse mortgage products after it found home-owners failed to understand the complex nature of the financial products and struggled to budget.
The Australian Securities and Investments Commission report, `All we have is this house’, found some older reverse mortgage holders were also being encouraged by their children to take out a reverse mortgages in ”inappropriate circumstances”, while many found it hard to resist the availability of a large amount of credit.
Reverse mortgages, where consumers borrow money against the equity in their home and repays the loan and interest when the home is later sold, have become increasingly popular with asset rich but cash poor retirees looking to self-fund their retirement.
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