Contact: Kieren Dell
SEQUAL
Executive Director
+61 (0) 427 461 186

Contact: Allison Lee
IMPACT Communications Australia
+61 (0) 2 9519 5411

Contact: James Hickey
Deloitte
Partner
+61 (0) 2 9322 5009

Contact: Louise Denver
Deloitte
Financial Services Media
+61 (0) 2 9322 7615

Trowbridge Deloitte, the actuarial and advisory firm, released its third comprehensive study of the reverse mortgage sector today.

The study was commissioned by the Senior Australians Equity Release Association of Lenders (SEQUAL®).

The SEQUAL® Trowbridge Deloitte Reverse Mortgage Study found that the reverse mortgage market at 30 June 2007 consisted of more than 31,500 reverse mortgages loans with total outstanding lending of over $1.8 billion.

Kieren Dell, Executive Director of SEQUAL®, the not-for-profit member organisation governing lenders of reverse mortgages to seniors and providing consumer safeguards, said “Reverse mortgages are continuing to grow as a retirement financial planning tool.

"Market growth was 67% in the past 12 months, demonstrating the increasing acceptance and usage of the product.”

James Hickey, Trowbridge Deloitte partner who led the study said, “The 30 June 2007 results also contain important new information.

"For the first time we were able to analyse the rate at which existing reverse mortgage borrowers were electing to take additional drawings, as well as the rate at which borrowers were completely repaying their reverse mortgages.

"These give valuable insights into borrower behaviour with reverse mortgages.”

Please click on the link below to view the full press release.