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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.


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BFCSA: REVERSE MORTGAGE Nightmare 42,000 Seniors have $3.2 Billion of this product. Were they Spruiked by the Lender Sellers?

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$3.5 billion reverse mortgage market a wasted opportunity AB | 17 Sep 2013

The reverse mortgage market isn’t living up to its full potential and risks becoming a missed opportunity, according to Deloitte’s 11th annual study of the sector, released today.

While the $3.5 billion market has clocked up more than 7% growth since 2012, the Deloitte report claims that, with the ‘tailwinds’ of the baby boomers retiring and an increasing focus on post-retirement funding, the opportunities in the equity release market are in danger of being missed by banks and other financial services organisations.

“The size of the senior Australian population is set to increase by more than 50% in the next decade. For many of these senior Australians, their house will remain their primary asset in retirement,” says Hickey.

“For banks seeking to grow their share of the lending market and remain relevant to their customers as they move into retirement, products that help this constituency access the wealth tied up in their homes, such as reverse mortgages, are worthy of serious consideration.”

However, he says the opportunity goes further than just the banks.

“Equity release products should be on the radar of any financial services organisation with ageing members, including the large industry superannuation funds.”

Hickey adds that, contrary to popular perceptions, the financial services industry is seeing significant interest in the product from ‘active’ retirees aged in their 60s and early 70s.

“These are senior Australians who want to travel and renovate their homes, as well as settle their debts and enjoy their new found freedom without having to significantly tap into their superannuation, or downsize their homes.”

Currently, there are less than five active lenders offering the product – having reduced from more than 15 prior to the GFC.

Hickey says the primary reason for the reduction in lenders was not the lack of demand by senior Australians, but the inability of many of the former non-bank, second tier banks, and credit unions lenders that previously focused on equity release products, to find available funding supply.

He says Deloitte believes that for those lenders with access to funding - that are seeking long term returns - a reverse mortgage product can be an economically attractive investment.

Ed:  What happens at seven year itch?  High interest guarantees loss of home................................

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  • Denise
    Denise Saturday, 15 March 2014

    If you want to ask about the risks of Reverse Mortgage DO NOT ASK A BANKER or the broker agent! Very simple: Go and ask your independent lawyer to check out the risks for you. If you have a story to tell we want to hear from YOU. [email protected]

  • doyla66
    doyla66 Saturday, 15 March 2014

    Hear hear and make sure you read the fine print with a magnifying glass for they have been very busy sneaking inclusions into the fine print on financial product brochures to ensure if the s### hits the fan all blame is thrown back on the victim for failing to educate themselves on-line on Top Secret Agent Getsmart's pride and joy. Hate to think how fast a reverse mortgage gobbles up the equity when one knows how very soon it disappears behind your back with what they flog off as a normal home loan!

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