Demand rising for equity release products for Over 60s, despite shrinking market says Homesafe GM

MELBOURNE, Australia - Aug. 13, 2017 - PRLog -- In an environment of rising living costs and low investment returns, an increasing number of over 60s are looking to use the equity in their home to meet their financial needs. However, despite the growing need for such solutions, several financial institutions have recently withdrawn from the market as a result of a change in appetite for reverse mortgages.  Homesafe, with its unique alternative to loan products, continues to meet the ever-increasing demand for equity release solutions for over 60s, said Homesafe Pty Ltd (Homesafe) General Manager, Ms Dianne Shepherd.

Commenting further, Ms Shepherd said the need for equity release solutions is evidenced by the increasing number of homeowners contemplating retirement with undischarged mortgages over the family home.

Over 60s are looking for equity release solutions to resolve their financial needs and a growing segment of this demographic now recognise the family home can be much more than just a place to live", added Ms Shepherd.

"Homesafe's equity release solution continues to attract interest from over 60s, as it protects their right to remain in the comfort of the family home in an environment surrounded by friends, family and community in which they have lived for many years.".

For over 12 years Homesafe has provided senior homeowners an option that allows them to live in their home by selling a share of the future sale proceeds of their property for an immediate cash sum.  There are no repayments and the homeowner has the certainty that they will always retain their share of the sale proceeds.

Recently Homesafe has noticed that the increasing need of over 60s to access the equity in their home has resulted in growing interest from professional advisory intermediaries including accountants, lawyers, brokers, financial planners and Homesafe's alliance partners, ultimately referring their clients to Homesafe.

In response to the growth of advisory intermediary enquiries, earlier this year Homesafe launched an online Referral Portal that was specifically developed to work with third party referees.

Ms Shepherd continued, "The launch of the online portal has been a very successful initiative that has enhanced the experience of referring a client to Homesafe.  The online facility enables us to work more closely with referees who are enquiring about Homesafe Wealth Release on behalf of their clients".

The user-friendly interface of the online portal assists Referral Partners to login and provide Homesafe with relevant information regarding their client so that the Customer Care Team can work closely and assist each client with their enquiry.

Ms Shepherd concluded, "There are alternatives to downsizing or enduring a lifestyle of financial distress for over 60s homeowners by accessing the untapped wealth tied-up in the family home.  Retirees can use Homesafe for various purposes such as discharging mortgage debt, renovations, lifestyle needs, assisting family members, or covering the costs of in-home care.

"Most importantly, releasing the equity from the family home can support over 60s with their changing needs over time and must provide them the security to remain in their family home".

ENDS

Issued by Homesafe Solutions Pty Ltd          www.homesafe.com.au

Media Enquiries:          Mr. Joe Perri
Joe Perri & Associates Pty Ltd
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Email:          jperri@joeperri.com.au