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The case for reverse mortgages in Australia: applying the USA experience. Paper presented to the Pacific Rim Real Estate Society Conference, Customs House, Brisbane, Australia, 19-22 January 2003

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The Case for Reverse Mortgages in Australia - Applying the USA Experience, Reed and Gibler, 9th Annual Pacific Rim Real Estate Society Conference, 19-22 January 2003, Brisbane Australia.

The Case for Reverse Mortgages in Australia - Applying the USA Experience

9th Annual Pacific Rim Real Estate Society (PRRES) Conference

19th - 22nd January 2003 - Brisbane, Australia

Richard Reed

Faculty of Architecture, Building and Planning The University of Melbourne Victoria 3010 Australia Tel: +61 3 8344 8966

Fax: +61 3 8344 5532 Email:

Karen M. Gibler Department of Real Estate Georgia State University Atlanta, Georgia 30302-4020

Tel: + 404 651 4612 Fax: + 404 651 3396 Email:

Keywords: reverse mortgages, gentrification, retirees, market value.

In the USA, reverse mortgages have been promoted as a means of accessing equity locked up in a residence, especially after the owner/s has retired. Although there have been some teething problems, the concept of mortgaging the family home after achieving freehold ownership has many merits. Often an asset-rich household must survive on relatively small regular income, and is unable to access the increasing wealth of the family home. A reverse mortgage overcomes this hurdle.

The largest asset for many ageing households is their primary place of residence, the traditional house and suburban land parcel. Recently, the Australian housing market has witnessed substantial growth in the value of its capital city housing, especially on the east coast of Australia. This can be attributed to factors such as owner-occupiers trading up to a better class of dwelling, and the continuing gentrification process for owners choosing not to relocate. At the same time, demographic changes have placed pressure on the regular income of retirees, many of whom have no superannuation fund. For example, life expectancy rates continue to rise and there are an increasing proportion of single person households in society. This has placed additional pressure on financial resources of retirees, especially those with a substantial investment in their family home and a relatively small pension.

This paper visits the reverse mortgage scenario in the USA and considers potential implications for the Australian market. Strengths and weaknesses of this product are contemplated, and the viability of reverse mortgages is discussed. Although there are obvious benefits for certain segments of society, reverse mortgages are a unique product and caution should be exercised to ensure the public is fully knowledgeable from the outset.


The Case for Reverse Mortgages in Australia - Applying the USA Experience, Reed and Gibler, 9th Annual Pacific Rim Real Estate Society Conference, 19-22 January 2003, Brisbane Australia.


Even though the current Australian property boom has caused many people’s wealth to soar, numerous

older homeowners now find themselves with greater assets but little cash income (Whittaker, 2002).

Daily household expenses have also increased while many of these households have little or no

flexibility built into their regular cash flow streams. A similar scenario also confronted many elderly

households in the USA, although the market responded with a number of organizations offering reverse

mortgages as a solution to this dilemma and the concept is gradually gaining acceptance (Peterson,


Simply explained, reverse mortgages are designed for elderly homeowners to access their home equity

while continuing to live in their homes. The benefits can be substantial and include continuing to

reside in a cherished home and paying for long term care insurance or other health-related costs

(Kistner, 1999). Variations of reverse mortgages have surfaced in other countries, such as New

Zealand, although with somewhat mixed success. For example, in New Zealand the most that can be

withdrawn is 20 per cent of the home’s value, although this can be increased if the property increases in

value (Whittaker, 2002).

The concept of a reverse mortgage is not new to the Australian financial sector. In the 1990’s, the St.

George Bank offered reverse mortgage products, although they were withdrawn due to a lack of

consumer demand (Thosar, 2002). However, the timing was inappropriate in the 1990s, although the

recent housing price boom and continually spiralling medical costs support an argument for a re-launch

of reverse mortgages in this country. As many parallels can be drawn between the housing markets of

the USA and Australia, this paper proposes that the some of the lessons learnt from the implementation

of reverse mortgages to American households may be applicable to the Australian market.

The Concept of a Reverse Mortgage

Reverse mortgages were designed to allow ”house rich, cash poor” elderly homeowners access to their

home equity to pay living expenses or emergency bills without having to sell their homes.

Before the creation of reverse mortgages in the USA, the only options elderly homeowners had to

access their equity was either to take out a traditional forward mortgage or sell their home. A

traditional mortgage would require repayment in the form of monthly payments from what is often a


The Case for Reverse Mortgages in Australia - Applying the USA Experience, Reed and Gibler, 9th Annual Pacific Rim Real Estate Society Conference, 19-22 January 2003, Brisbane Australia.

limited income. In addition, most older Americans lived through the Depression and tend to avoid

debt, especially debt that would require a lien against their home with the possibility of foreclosure and

sale if they were to default on repayment. Selling the home and moving into a cheaper home or rental

housing is not a preferred option for most elderly homeowners. Most older Americans want to “age in

place” in familiar surroundings and never move during retirement. One solution to this problem was

the creation of reverse mortgages, which would allow homeowners to spend the equity they have built

up in their homes.

The effect of a reverse mortgage on the changing level of home equity over time is shown in Figure 1.

In stage 1, a conventional housing loan is commenced that requires the security of a lien over the house

via a mortgage. Over time, the household equity increases (stage 2) through the increasing value of the

property and the repayment of the loan. Complete home ownership is often achieved in the middle to

later years of the working life (stage 3), when the mortgage is fully paid out. After retirement has

commenced and a regular cash inflow has ceased (stage 4), a reverse mortgage can commence. Over

time, this will decrease the level of equity in the house (stage 5), although the loan is structured so not

all the equity is removed.

Time in Years

% of

Home E

q uit


4. Reverse mortgage starts

1. Initial mortgage starts - home equity increases

2. Home equity increases

3. Full home ownership achieved - no mortgage

5. Home equity decreases

Time in Years

% of

Home E

q uit


4. Reverse mortgage starts

1. Initial mortgage starts - home equity increases

2. Home equity increases

3. Full home ownership achieved - no mortgage

5. Home equity decreases

Figure 1 - The relationship between mortgages and home equity over time.


The Case for Reverse Mortgages in Australia - Applying the USA Experience, Reed and Gibler, 9th Annual Pacific Rim Real Estate Society Conference, 19-22 January 2003, Brisbane Australia.

Most reverse mortgage lenders in the USA will require the primary lien position. The security for the

loan is the property itself; the loan is nonrecourse. Assuming the borrower meets all the conditions of

the loan contract, when the owner moves or dies, the owner or heir is responsible for repaying the loan

obligation either through the sale of the property or other assets. If the loan obligation is less than the

sales price, the owner or estate keeps whatever amount is left over. If the home is worth less than the

amount due, the owner and heirs are not obligated for any shortfall.

Reverse mortgage lenders can accelerate repayment at any time if the borrower defaults through failure

to pay property taxes, failure to maintain the property, failure to maintain a valid hazard insurance

policy, abandonment of the home, renting the home to someone else, or adding a new owner to the title.

Lenders may choose to pay these expenses and reduce the borrower’s loan proceeds rather than


Three types of reverse mortgages are generally available in the USA today: annuity, term, or lump

sum/line of credit. The original programs primarily offered reverse annuity mortgages (RAM). With a

tenure reverse annuity mortgage, the owner receives monthly payments for life so long as the home is

the primary residence. When the last co-borrower permanently moves or dies, the debt becomes due

and the house sold or the heirs use other assets to repay the debt.

The term reverse mortgage, in contrast, provides monthly payments for a fixed number of years,

usually up to ten. Under the original programs, the loan became due at the end of the term and the

owner was expected to move and sell the house to repay the loan. With current programs, the

payments stop at the end of the term and interest continues to accrue, but repayment is not expected

until the owner moves or dies.

The third type of reverse mortgage, the lump sum/line of credit, approves the borrower to make draws

anytime up to a set amount. Interest accrues and repayment is due when the owner moves or dies.

Some programs allow borrowers to receive a combination of the types of payments. The most popular

programs in the USA have been the line of credit or a combination of line of credit with either term or


No matter what the payment plan, the amount of the loan principal is based on the amount of equity in

the house, expected appreciation in the property’s value, market interest rates, and the youngest


The Case for Reverse Mortgages in Australia - Applying the USA Experience, Reed and Gibler, 9th Annual Pacific Rim Real Estate Society Conference, 19-22 January 2003, Brisbane Australia.

borrower’s age and life expectancy. The larger the equity and greater the appreciation expected, the

lower the risk that the loan principal and accrued interest will exceed the market value of the property

when the loan becomes due. Higher interest rates mean more interest will accrue, increasing the risk

that the loan obligation will exceed collateral value. The longer the owner lives, the greater the loan

obligation whether the borrower chooses the annuity or lump sum with accrued interest option.

History of Reverse Mortgages - The USA Scenario

Reverse mortgages were first offered in the USA in the 1980s to allow seniors access to their home

equity while avoiding the problems a traditional mortgage or sale of the home would entail. It has been

estimated that some 20 million senior homeowners have more than US$2 trillion locked into home

equity (Panko, 2002). After agreeing to the terms of a reverse mortgage, the lender would issue funds

based on the equity the owner has built up in the home and would receive repayment of the loan plus

interest when the last co-owner permanently moved from the home, sold the home, or died. The

reverse mortgage payments would not be taxable as income to the homeowner and would not affect

eligibility for most social services.

Supply of Reverse Mortgages in the USA

However, lenders did not rush to offer reverse mortgage products for several reasons. First, legal

impediments to creating such loan arrangements existed in some states. Required accounting

techniques made the loans financially unfavourable. The innovative product did not have an established

consumer base and someone would have to pay the cost of developing the market for reverse

mortgages, educating consumers and loan officers alike about the products. In addition, when the

product was first developed, lenders either had to offer uninsured or self-insured mortgages. If

borrowers defaulted, lenders faced the public relations nightmare of evicting elderly homeowners.

Title companies were not interested in insuring title on properties with reverse mortgages. The lender

faced additional risks associated with the borrower and property that affect pricing for which no history

existed on which to estimate costs. With no secondary market, they also had to hold the mortgages in

their portfolios. In summary, the costs were high and the rewards uncertain.

In the ensuring years, some changes have been made, but some obstacles still exist. When the reverse

mortgage concept was introduced, several states laws required a mortgage to include a specific


The Case for Reverse Mortgages in Australia - Applying the USA Experience, Reed and Gibler, 9th Annual Pacific Rim Real Estate Society Conference, 19-22 January 2003, Brisbane Australia.

maturity date, maximum mortgage amount, or both, making lines of credit and payment upon uncertain

death unavailable. Other states restricted compounding interest, negative amortization, and adjustable

rate mortgages. The Texas constitution included a homestead provision, which prohibited lenders from

making home mortgages for any reason except to purchase a home, to pay taxes on a home, or to

finance repairs. Legislative action and a referendum in 1999 removed some of these barriers, but a line

of credit is still not allowed in Texas (U.S. HUD, 2000).

Reverse mortgages must comply with federal regulations as well. The loans fall under the disclosure

requirements of the Truth-in-Lending Act as amended by the Home Equity Loan Consumer Protection

Act. As these laws were written for forward mortgages, the wording of some of the disclosures can be

confusing concerning reverse mortgages. Some lenders perceive reverse mortgage programs as an

opportunity for positive public relations and an opportunity to demonstrate service to low-income

persons and communities, which may improve their Community Reinvestment Act (CRA) ratings.

For purposes of financial reporting, the lender records the outstanding balance of the reverse mortgage

as an asset. However, future payments to which the lender is committed are not shown on its financial

statements, resulting in off-balance-sheet liabilities. Both the interest and any shared appreciation

component added to the loan balance are taxable as current income, even though the lender has not

received any payments from the borrower (Boehm and Ehrhardt, 1994).

Lenders still face the risks of longevity, interest rate changes, and future property values (Szymanoski,

1994). The uncertainty of borrower longevity and tenure makes it difficult to estimate the timing of

repayment and, therefore, the return the loan will yield. To avoid crossover risk, the loan amount must

be set low enough to ensure the collateral will retain sufficient value to cover the lien as the property

ages over this uncertain period (Rasmussen, Megbolugbe and Morgan, 1997). A moral hazard problem

exists as the homeowner has little financial incentive to make expenditures for improvements or

maintenance that would help maintain the value of the property (Schillerand Weiss, 2000) and may be

physically unable to do so. Though empirical research is yet to be undertaken in this area, as the equity

level is diluted there may be a gradual decrease in the overall maintenance conducted by the

homeowner. Over the long term this may have adversely affect the gentrification in a neighbourhood

in a similar manner to a high proportion of rental properties, resulting in lower overall house values

(Reed and Greenhalgh, 2002).


The Case for Reverse Mortgages in Australia - Applying the USA Experience, Reed and Gibler, 9th Annual Pacific Rim Real Estate Society Conference, 19-22 January 2003, Brisbane Australia.

Longevity risk is a diversifiable risk that can be effectively managed through the pooling of a large

number of loans. Then the lender or insurer can rely on mortality tables to estimate future loan

terminations. Although one might expect an adverse selection problem, with borrowers expecting to

live a long life opting for an annuity program, experience has shown that many borrowers are attracted

to reverse mortgage programs specifically because they are ill (Szymanoski, 1994).

To reduce interest rate risk, most reverse mortgages now contain an adjustable interest rate tied to a

one-year U.S. Treasury bond yield with a monthly adjustment period as well as periodic and lifetime

caps. Lenders can diversify against some property value uncertainty be accumulating a portfolio of

loans distributed across many real estate markets. As a protection against crossover risk in individual

properties, lenders limit the initial principal on the loan to approximately 50 percent of the home value

with the exact percentage dependent upon the borrower’s age and current interest rates (Szymanoski,

1994; U.S. HUD, 2000).

Because of these risks, the only lender-insured product currently available is a jumbo loan (up to

US$700,000) offered by Financial Freedom in 12 states. However, the advent of securitisation of

reverse mortgages may help provide greater access to capital for private sector products. In 1999,

Financial Freedom securitised a portfolio of loans they acquired from TransAmerica. This transaction

represented the first U.S. securitisation of a reverse mortgage loan portfolio. Standard & Poors has also

now issued guidelines for the rating of these transactions. The ability to securitise reverse mortgages is

an important factor in Financial Freedom’s plans to expand their lending operations to 35 states (U.S.

HUD, 2000).

To help promote reverse mortgages, Congress authorized an FHA-insurance program for reverse

mortgages. FHA-approved banks, mortgage companies, and other private sector lenders could

originate loans under the Home Equity Conversion (HECM) program and receive FHA insurance to

protect them against the risk that the loan balance would exceed the home value at the time of

repayment. FHA also guarantees the continued annuity payments to the borrower in case of lender

defaults. In addition, to ensure borrowers understand reverse mortgages, FHA requires all applicants to

receive counselling from an approved agency before taking out a reverse mortgage. FHA-insured

mortgages now account for as much as 90% of the reverse mortgage market. The HECM is available

in 46 states plus the District of Columbia and Puerto Rico (U.S. HUD, 2000).


The Case for Reverse Mortgages in Australia - Applying the USA Experience, Reed and Gibler, 9th Annual Pacific Rim Real Estate Society Conference, 19-22 January 2003, Brisbane Australia.

The Federal National Mortgage Association (Fannie Mae) has been purchasing FHA-insured reverse

mortgages on the secondary mortgage market. Fannie Mae then provides the ongoing funds as

required, keeping the loans in its portfolio. If the cumulative charges against the mortgage exceed 98%

of the principal limit, Fannie Mae assigns the loan to HUD, which continues to make the payments.

Fannie Mae also offers its own product, the HomeKeeper, for homes that are more expensive and for

homeowners to use to buy a new home. Freddie Mac continues to monitor the secondary market for

possible entry, but the small number of reverse mortgages has discouraged their entry so far (U.S.

HUD, 2000).

With FHA insurance and the Fannie Mae secondary market, the number of active HECM originators

grew steadily through 1996 and then increased sharply in 1997, reaching 195 lenders, then declined to

about 175. Active lenders are not necessarily originating many loans. Four out of five of all HECM

lenders were originating at most two loans a month on average in 1999. Three lenders originated more

than 500 loans during 1999, accounting for 41 percent of all originations. The 15,000 loans sold in

2001 were twice as many as sold in 2000 (Peterson, 2002; U.S. HUD, 2000). The continued reluctance

of banks to enter this market may be due to an inability to generate sufficient loan volumes from their

local area to merit offering this product given the time and cost of loan originator training, borrower

counselling, and application processing. Most borrowers do not want to pay any cash at closing.

Because FHA limits the amount of the origination fee that could be paid out of loan proceeds

(US$2,000), this effectively limited the fee that lenders could charge. Closing costs (appraisal,

origination, title search, closing, mortgage insurance, and servicing) have been declining to a median

US$3,400 over all loans outstanding in July 1999 (U.S. HUD, 2000).

In the USA most reverse mortgage programs have been restricted to a single-family dwelling that

serves as the principal residence of homeowners age 62 or older, but recently some programs have

started accepting 2 to 4-unit owner occupied dwellings, along with some condominiums, planned unit

developments, and manufactured homes. Government-backed insurance programs require that the

property meet minimum standards; however, the homeowner may use the borrowed funds to pay for

needed repairs.


The Case for Reverse Mortgages in Australia - Applying the USA Experience, Reed and Gibler, 9th Annual Pacific Rim Real Estate Society Conference, 19-22 January 2003, Brisbane Australia.

Demand for Reverse Mortgages in the USA

The initial response toward reverse mortgages was lukewarm at best. Despite reports from the AARP

in the early 1990s that they received more inquiries on reverse mortgages than on any other subject and

more than 28,000 telephone inquiries to HUD in one year (Merrill, Finkel and Kutty, 1994), only a few

hundred mortgages were originated each year during the 1980s and early 1990s. However, as of

October 1999, more than 38,000 elderly homeowners had taken reverse mortgages. Since the mid

1990s, growth has been steady with as many as 8,000 new loans originated each year (U.S. HUD,

2000). Possible reasons for lack of consumer interest include the positive relationship between home

equity wealth and income, the slow speed at which the elderly adopt innovative products, an aversion

to placing a lien on one’s home, the perception of home equity as savings for unexpected expenditures,

and high origination costs.

The programs were initially envisioned to assist older homeowners with substantial home equity but

low retirement income. However, income and assets tend to be positively correlated, even in

retirement. Thus, many of the lowest income Americans who are dependent of Social Security as their

major source of income also have low net wealth. Their home equity may not be sufficient to generate

a substantial amount of support. Those with the greatest home equity also tend to have higher

retirement incomes from private pension sources, creating less need to liquidate assets such as home

equity. Demand for HECM loans tends to be lower in areas with low house values because the amount

that can be borrowed is so small relative to the fixed origination costs. The loan amount limitation may

come from the individual’s low home value or the limit FHA places on loan amounts relative to the

average home values in the area (U.S. HUD, 2000).

The acceptance of any innovative product can take a long time, especially among older consumers. No

one reaching eligibility age would have personal experience with a reverse mortgage. Few know

anyone who can relate their experiences with such products. Thus, the elderly must rely on information

provided by lenders, the government, and organizations such as AARP to learn about reverse

mortgages. Misconceptions abound. Fear about losing the home is paramount in potential borrowers’

minds and they do not trust that the lender will wait until they move or die to collect repayment.

Many elderly perceive their home equity as a safety net, savings they could tap if needed for

unexpected, large medical bills. Researchers such as Palumbo (1999) find that precautionary saving for


The Case for Reverse Mortgages in Australia - Applying the USA Experience, Reed and Gibler, 9th Annual Pacific Rim Real Estate Society Conference, 19-22 January 2003, Brisbane Australia.

uncertain medical expenses helps explain the slow rate of dissaving among elderly families. If they

take out a reverse mortgage and use the equity to pay for current living expenses, then the savings

would not be there when needed. This may explain why research has revealed that homeowners tend to

use reverse mortgages only as a last resort (Leviton, 1999). The opportunities for using reverse

mortgages to pay for long-term care insurance, home modifications, and in-home care have not been

fully explored or promoted to the aging population (Rasmussen, Megbolugbe and Morgan, 1997).

Researchers have argued that because a house is the principal asset passed on to heirs in the USA, a

bequest motive prevents many older homeowners from considering a reverse mortgage (Mayer and

Simons, 1994). However, this is difficult to determine by examining the saving and borrowing

behaviour of the elderly as the uncertainty of life expectancy results in most people dying with positive

net worth whether they intended to or not.

Today the typical reverse mortgage borrower in the USA is a white female living alone with a median

property value at application of US$107,000. The median initial principal limit in 1999 was

US$54,890, with 90% of loans having a limit between US$25,875 and US$104,602. The typical

borrower owns a 40-year-old home in a central city or suburb. She is older than the average elderly

homeowner, receives lower income, is more likely to live alone, and own a smaller, but more expensive

home. Over time, in real terms, more and more owners of less expensive houses in central cities and

minorities are taking out reverse mortgages (U.S. HUD, 2000). Thus, the programs are eventually

reaching those lower income elderly for whom they were originally envisioned.

Benefits of Reverse Mortgages for Australians

It has been demonstrated that reverse mortgages can potentially be a great benefit to an aging

population, but it is important that the products are structured to meet the needs of this group

(Fratantoni, 1999) and the lenders who will provide the loans. The aging population in Australia has

been presented with many of the issues that have also confronted their American counterparts, and

accordingly many of the advantages associated with reverse mortgages can be readily appreciated.

Unfortunately, many elderly Australians were not able to foresee today’s spiralling costs that have to be

paid on a regular basis, and in many instances were inadequately prepared with low income streams.

Substantial advances in the medical field have been fortunate to extend the retirement of many

Australians, although this has been accompanied by substantially increased medical costs. When their


The Case for Reverse Mortgages in Australia - Applying the USA Experience, Reed and Gibler, 9th Annual Pacific Rim Real Estate Society Conference, 19-22 January 2003, Brisbane Australia.

working lives were conducted in a relatively simple and low cost era, it is unlikely that many retirees in

Australia enjoy the benefit of a regular and adequate cash flow.

It is envisaged that not all elderly Australians would seriously consider undertaking a reverse mortgage,

with many perceiving that there would be too many negative aspects. For example, in the older

population group the status of homeownership was not as easily achieved as it is today. Even though a

large proportion of Australian households are now dual income with fewer children, and can often

afford multiple investment properties, elderly Australians usually viewed their primary place of

residence as their entire investment portfolio. The proposal that this investment portfolio may now be

diluted, especially with no possibility of replacing this equity, would appear to be inconceivable to


However, due to the exact same reasons it can be argued that a reverse mortgage would appeal to a

different section of older households. The earning capacity of their children has been substantially

increased, with decreasing importance placed on the value of the inheritance being passed down. The

value of a single dwelling through an inheritance, especially when divided amongst multiple children

and grandchildren following the deducting of expenses, would not be as substantial as it used to be.

Often many elderly parents are encouraged to enjoy their savings whilst alive, and a reverse mortgage

can expand this concept and reduce reliance on relatives to help meet on-going expenses.

From a broader perspective, allowing elderly households to access to illiquid housing funds would

increase the level of spending and have widespread implications for the economy. This money could

be spent on holiday and cars for example, and help to keep the economy from falling into a recession

(National Association of Realtors, 2002). There may be many other indirect benefits for society from

the acceptance of reverse mortgages, although these are often difficult to predict and even harder to



This paper has reintroduced the concept of reverse mortgages to the Australian market, where the

concept has considerable merit considering the recent housing boom and increased cost of living

expenses. An overview of this product has been presented, including the advantages of accessing

previously inaccessible home equity to elderly households. Most importantly, consideration has been


The Case for Reverse Mortgages in Australia - Applying the USA Experience, Reed and Gibler, 9th Annual Pacific Rim Real Estate Society Conference, 19-22 January 2003, Brisbane Australia.

given to the success of reverse mortgages to the American market with many similarities drawn with

the Australian scenario, including the ageing population and demands on daily income streams.

It appears that although reverse mortgages were introduced and subsequently withdrawn from the

Australian market in the 1990s, the timing is appropriate for re-introduction of this product. However,

substantial consideration should be given to the framework surrounding reverse mortgages, including

the provision of a governing body to regulate the implication by financiers, to ensure equity and a high

level of ethics are maintained. In an ever increasing ‘risk society’, many elderly are choosing to travel

less and often view their house as their best form of security. It would be an unfortunate situation if

they lost their last form of security, namely their home, if they didn’t fully understand the loss of equity

that accompanies a reverse mortgage agreement.

In summary, reverse mortgages appear to have a lot to offer a limited number of elderly households. It

offers a means of accessing hard earned equity and raising the quality of lifestyle in later years. The

Australian reverse mortgage industry can benefit from the experience of overseas housing markets,

especially in the USA, and tailor a product that will suit both the elderly household, the financier, and

society at large. With rapidly growing superannuation and insurance funds, this appears to be an ideal

opportunity to tap into the security of a residential mortgage whilst increasing the overall standard of

living for our elderly Australians.


The Case for Reverse Mortgages in Australia - Applying the USA Experience, Reed and Gibler, 9th Annual Pacific Rim Real Estate Society Conference, 19-22 January 2003, Brisbane Australia.



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