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Over 60's 'bamboozled' by Reverse Mortgage complexity

Seniors First

New Research reveals 150+ key differences between Australia's top reverse mortgage lenders. Seniors First warns retirees risk confusion and costly mistakes without expert help

SYDNEY, AUSTRALIA – A new study by Australia’s leading reverse mortgage broker, Seniors First, has revealed a staggering 150+ points of difference between the country’s top four Reverse Mortgage lenders — highlighting a growing complexity that is bamboozling older borrowers and accelerating demand for specialist assistance.

The findings, drawn from a detailed comparison of loan features, fees, eligibility criteria, and lender policies, underscore why retirees are increasingly turning to specialist Reverse Mortgage brokers to navigate the market safely.

“The reverse mortgage landscape in Australia is more complex than ever,” said Darren Moffatt, CEO of Seniors First. “Our research uncovered over 150 variables across just four lenders. That level of complexity is overwhelming for many over-60s who are simply trying to access the equity in their homes for cash, without making a costly mistake.”

Seniors First, a national brokerage specialising in reverse mortgages for older Australians, has seen a 300% rise in enquiry volume over the past two years — a trend the company attributes to cost-of-living pressures, misconceptions about how the product works, and a lack of clear, accessible information.

According to Mr Moffatt, retirees are often shocked to learn how much loan products and credit policy can vary depending on the lender.

“From differences in drawdown limits and interest rates, to rules around property types and age-based loan eligibility — it’s a minefield,” he said. “For example, one lender might impose restrictions around the cash reserve feature that another doesn’t, or they might scale back the available loan amount based on property type or location.”

Reverse mortgages are growing in popularity as a way for seniors to unlock the equity in their homes to cover living expenses, renovations, or even help adult children. Yet many older Australians are still unsure where to begin, and struggle to make an effective loan comparison.

“This isn’t a one-size-fits-all loan,” Moffatt added. “Unless you’re a specialist broker, comparing reverse mortgages is almost impossible because most of the eligibility criteria is not public.

“Retirees need personalised support from people who know the ‘hidden’ rules — not a generic sales pitch. That’s where specialist brokers like Seniors First can make a real difference.”

Seniors First offers a free eligibility check on its website for indicative results in just 1 minute. Broker consultations are also available to help older homeowners understand their options and avoid common pitfalls.

ENDS

About Seniors First

• Established in 2006, Seniors First is Australia’s largest and most experienced Reverse Mortgage Broker. They’ve helped 5,500+ 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, negotiate a lower rate, 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: https://seniorsfirst.com.au/reverse-mortgage/
📞 Media Contact: [email protected] or 1300 745 745

Key Facts:

SYDNEY, AUSTRALIA – A new study by Australia’s leading reverse mortgage broker, Seniors First, has revealed a staggering 150+ points of difference between the country’s top four Reverse Mortgage lenders — highlighting a growing complexity that is bamboozling older borrowers and accelerating demand for specialist assistance.

About us:

• Established in 2006, Seniors First is Australia’s largest and most experienced Reverse Mortgage Broker. They’ve helped 5,500+ 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

Contact details:

Darren Moffatt 0401423075

[email protected]

📍 Visit: https://seniorsfirst.com.au/reverse-mortgage/