Recent research by Seniors First identified more than 150 differences in reverse mortgage offerings among the country\u2019s four largest lenders. These variations include eligibility requirements, loan features, available loan amounts, total fees, and lender policies.<\/p>\n
\u201cThe reverse mortgage landscape in Australia is more complex than ever,\u201d said Darren Moffatt, chief executive of\u00a0Seniors First. \u201cOur research uncovered over 150 variables across just four lenders.<\/p>\n
\u201cThat level of complexity is overwhelming for many over-60s who are simply trying to access the equity in their homes for cash, without making a costly mistake.\u00a0From differences in drawdown limits and interest rates, to rules around property types and age-based loan eligibility \u2013 it\u2019s a minefield.<\/p>\n
\u201cFor example, one lender might impose restrictions around the cash reserve feature that another doesn\u2019t, or they might scale back the available loan amount based on property type or location.\u201d<\/p>\n