Reverse mortgages jump 37% with average loans of $60,000. Villages next.

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There’s been a 34 percent rise in the take up rate of reverse mortgages in the past year,
highlighting retirees are being forced to unlock equity in their homes. There are now
33,700 reverse mortgages in Australia, totaling more than $2 billion. This still leaves
3.1 million people over 60 that still don’t have one though or 99%. But even 1% of the
population taking them up in just 3 years is impressive, especially when rates on these
loans are as much as one percent higher than normal lending rates. The average age of
a borrower is 72. For village operators it demonstrates that borrowers are committed to
staying in their homes for the long haul.
The first reverse mortgage for village residents is being prepared for the market
within 6 months.

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