New research shows over 60's want reverse mortgage funds fast
Seniors First
- 84% of surveyed reverse mortgage borrowers consider speed to funding either critical (65%) or very important (19%)
- Most reverse mortgages typically take 5-10 weeks to process, but Seniors First achieves 3-4 week settlements through advanced systems
- Seniors often require quick access to funds for immediate expenses like medical bills, home repairs, and utility costs
- The company's streamlined digital systems are specifically designed for equity release finance and accommodate varying levels of computer proficiency
- Strong relationships with lenders and knowledge of their service standards help expedite the funding process
SYDNEY, AUSTRALIA - Contrary to popular belief that retirees have plenty of time on their hands, new customer survey data from Seniors First reveals that speed to funding is one of the most critical factors for Australians taking out a reverse mortgage.
The survey of 602 borrowers found that 65% rated speed to funding as “critical”, while another 19% said it was “very important” — meaning more than four in five seniors consider prompt settlement a top priority.
“This finding really challenges the stereotype that retirees are relaxed about timelines,” said Darren Moffatt, Founder and Managing Director of Seniors First. “In reality, many leave their application until the last minute, or they’re facing cost-of-living pressures that make quick access to funds essential.”
According to Moffatt, many older homeowners now use reverse mortgages to cover immediate expenses, such as medical bills, home repairs, or rising utility costs — often creating a sense of urgency around loan settlement.
Technology and Process Drive Faster Funding Times
Typically, the reverse mortgage funding cycle takes between five to ten weeks from application to settlement, depending on the lender. However, Seniors First’s clients often experience significantly faster outcomes.
“Because of our advanced systems and close relationships with lenders, we regularly achieve settlements in just three to four weeks,” Moffatt explained. “In some urgent cases, we’ve even been able to deliver funds in as little as two weeks.”
This efficiency is a result of the substantial investment in technology the company has made. It gives Seniors First what Moffatt describes as “the most streamlined process in the market.” The firm’s unique end-to-end digital systems have been customised for equity release finance, with the customer experience always front of mind.
“We’ve designed an easy-to-use process for older people that can accommodate all levels proficiency with computers. Our specialist broker team proactively manage and track applications to keep them moving through lender pipelines and reduce admin delays.”
Mr Moffatt says the relationships Seniors First has with its lender partners is also critical.
“We know the service standards of each provider at any given time and share that with our customers to help inform their choice of lender,” said Moffatt. “It’s part of the value only a specialist reverse mortgage broker can deliver.”
ENDS
About us:
About Seniors First
- Established in 2006, Seniors First is Australia’s largest and most experienced Reverse Mortgage Broker. They’ve helped 6,000+ seniors safely unlock the equity in their homes so they can enjoy their retirement. They are rated 4.9/5 on Google.
- Seniors First offers specialist credit assistance to navigate the reverse mortgage market. They help over 60’s compare lenders, find a great deal, get loan approval, and structure the loan to save interest, maximise financial flexibility - and peace of mind.
- Seniors First is the most trusted content provider to over 60’s on the topic of home equity release. More than 30,000 have downloaded its free guide, Reverse Mortgage Secrets, and in 2024 3,000 people registered for its webinars
📍 Visit: www.SeniorsFirst.com.au
Contact details:
📞 Contact Darren Moffatt on 0401423075 or email [email protected]
