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Younger Australians turn to reverse mortgages for early retirement

1 min · I går
episode Younger Australians turn to reverse mortgages for early retirement cover

Description

Reverse mortgages are experiencing a surge in popularity among Australian homeowners in their mid to late 50s, with demand shifting from traditional retirees to younger borrowers. These home equity loans are being used to fund renovations, debt repayment, new cars, regular income and travel, with most borrowers located along the east coast in affluent areas including Broadbeach, Southport, Byron Bay and Sydney's Northbridge. While reverse mortgage interest rates can reach as high as 8%, the Federal Government offers a cheaper alternative scheme providing seniors with lump sum or fortnightly cash payment options. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

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