Ads for reverse mortgages unclear
Posted
by DPS
The Australian Securities and Investments Commission (ASIC) has urged reverse mortgage providers to make their advertising clear after it found five companies had given misleading information.
Most of the deceptive comments centred on repayments and Centrelink pension entitlements, and ASIC urged providers to be more transparent with their promotional material.
“Reverse mortgages are complex products and ASIC wants to ensure that consumers are responding to promotions for the right reasons,” said executive director of Consumer Protection, Greg Tanzer.
The reverse mortgage market has more than doubled over the past 12 months.
