Reverse mortgage alert

Seniors First Specialist Finance, the leading independent mortgage broker group to specialise in equity release finance, has published a consumer report that lifts the lid on potential pitfalls to avoid, and ways to possibly save thousands of dollars in interest.

‘Reverse Mortgage Secrets’ found that a variable rate loan of $100,000 taken through one of the major banks would cost $107,000 more over 20 years, than if the same loan had been originated with a bank that specialises in reverse mortgages.

“A big part of our role as one of the few genuinely independent brokers in senior’s finance is to conduct loan comparisons for borrowers,” said Mr Moffatt from Seniors First.

“Some lenders are not very good at showing borrowers how to save money, so this is crucial for determining the best choice for individual consumers. We can show people how to structure these loans so they can minimise their interest, and we also find the lender that best suits their individual needs.”

A free copy of ‘Reverse Mortgage Secrets’ is available at www.seniorsfirst.com.au