Home Equity Release -A very short product list!

Australian_Ageing_Agenda

Home equity release will drive RADs | Australian Ageing AgendaAustralian Ageing Agenda.

Refundable Accommodation Deposits (“RAD’s”) will be included in the means test. Consumers need to decide whether to sell their home or use Equity Release products to fund their entry to Residential Aged Care. But the Product List is very short!

Fund Manager Plans New Product for Brokers:-

the-adviser-logo

http://www.theadviser.com.au/breaking-news/30514-new-product-will-let-people-sell-shares-in-their-home

Editor’s Comment:

There can be no doubt that better equity release products need to emerge so that Senior Australians have improved choices for accessing their housing wealth.

However, make no mistake, this is not an opportunity for Mortgage Brokers to make a “Quick Buck”! These transactions have a significant impact on consumers and they take time and effort to settle.

Whilst I welcome the announcement by DomaCom that they are working on a new Equity Release product, they will need to have proper regard for this market and some of the comments in this article concern me.

Disclosure:
I am the immediate-past CEO of the industry body (SEQUAL) and recently worked with DomaCom to set up their practitioner accreditation program. I am not associated with this product and process.

Kevin Conlon
Live Long… Live Well!