One of the countries that is regularly publishing news for seniors about the reverse mortgage option is Australia. A new report about the pension and housing situation in the country illuminates why the Australian reverse mortgage issue is such a hot topic.
The report discusses the fact that Australia differs from the rest of the OECD in two important ways. First, Australia has a much lower pension plan for seniors than is found in other countries. And second, Australian seniors may be more likely than other OECD seniors to own their homes outright.
These two facts combine together to make the reverse mortgage something with the potential to really benefit people in Australia. These people don't have enough money to survive into their later years because of the low pension but they do have the asset of a home which they can cash in on using the reverse mortgage to assist them in paying bills in the later stages of life.
Question of the Day: Are reverse mortgages a particularly good idea for people in Australia as compared to people in other OECD countries?
