Australian Reverse Mortgage Market Reaches 3 Billion
Kevin Conlon, Chief Executive of SEQUAL, the peak industry body which governs equity release and delivers consumer safeguards, said, "The majority of equity release customers are couples around 75 years old who have accumulated wealth through home ownership. They mainly use their released funds to supplement their retirement income, undertake home improvements following a decision to 'stay in place' during their retirement or clear their outstanding debt."
"It appears that attitudes towards retirement funding are changing. As Baby Boomers approach retirement, equity release strategies are increasingly seen as a useful option to access the wealth stored in their home in order to meet the challenge of living longer and living well" Conlon said.
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