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Demand continued to grow for reverse mortgages throughout 2007 but the sector struggled to maintain sales volumes in the later part of the year as lenders were impacted by funding availability.
Sales for the first half of the year were strong at $271 million, however this retracted to around $195 million for the second half.
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According to the SEQUAL Trowbridge Delloitte Reverse Mortgage Study the sector now has $2 billion under management, consisting of more than 33,700 reverse mortgage loans – $446 million of these were recorded as new sales volumes for the 2007 calendar year.
“Overall, 2007 saw sustained borrower demand but there was some slowing in sales in the second half of 2007 primarily due to the tighter availability of funds impacting lenders, rising interest rates and other factors of economic and political uncertainty in that period,” said SEQUAL executive director Kieren Dell.
Published: 19-03-08
