Reverse mortgage demand surges in Australia, with Home Equity Access Scheme participants rising from 768 to 12,115 since June 2019.
Reverse mortgages, popular loans among cash-strapped older Australians, have seen a surge in demand. The government's Home Equity Access Scheme, available for those over 67, increased from 768 participants in June 2019 to 12,115 in March. These mortgages allow seniors to access their home equity without immediate repayment, accruing compound interest and requiring repayment only upon home sale, aged care entry, or death.
July 13, 2024
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