Over Fifty Group quit reverse mortgage market
The reverse mortgage market is in retreat, with the fourth lender this year announcing that it is pulling back. Over Fifty Group yesterday said that it suspended reverse mortgage lending. OFG has a $230 million reverse mortgage book. So far this year Macquarie Bank has withdrawn its reverse mortgage, Silver Living, from the market and several Macquarie partners, such as Resi Mortgage Corp, have also withdrawn their rebadged offerings. Australian Seniors Finance stopped distribution through brokers and is now selling on a limited basis through direct and credit union partner channels. Bluestone took similar action.
Source: The Sheet