Reverse mortgage market profiled

A survey by the Senior Australians Equity Release Association of Lenders and the actuarial firm Trowbridge Deloitte found more than 20,000 households have “reverse mortgages”, and the average age of borrowers is falling. NSW retirees account for half of all such borrowers. The average age for a person taking out a new loan is now 72, compared with 74 for all outstanding loans. Almost half the loans go to couples. Single women represent four in 10 borrowers. Nineteen lenders offer reverse-mortgage loans.