There has been a lot of coverage lately around funding our retirement years, including this article by David Boyle with the Commission for Financial Capability.
At Heartland Seniors Finance, New Zealand’s largest specialist reverse mortgage provider, we have seen a considerable increase in demand. This increase in demand is not surprising, given 2015 data from the Ministry of Social Development showing 70% of New Zealanders aged 65+ own mortgage-free homes.
In fact, more and more retirees are thinking about what it might be like to have their home make payments back to them and are utilising reverse mortgages as a way to help manage their financial commitments. Given the population over 65 is rising, property prices continue to rise and personal debt is increasing we believe this trend will continue.