Retirement News : Seniors : Cash-rich in retirement

Cash-rich in retirement

Date Added: 16-11-2005

ASF is making a bold move to persuade seniors to buy into reverse mortages.  Read the excerpt below.

Melbourne Herald Sun - Australia

George Lekakis
16nov05

AUSTRALIAN Seniors Finance is planning the country's first securitisation program for reverse mortgages, aiming to launch before the end of June next year.

Managing director John Thomas said the program was being developed in association with ASF's main lender, Commonwealth Bank.
The market for reverse mortgages was pioneered more than a decade ago by Advance Bank before it was acquired by St George.

However, demand for reverse mortgages remained tepid until 18 months ago when several niche providers began to promote a range of products to retired homeowners.

Read the entire article:

http://www.heraldsun.news.com.au/common/story_page/0,5478,17260696%255E664,00.html