Tuesday, March 18, 2008

RETIRED workers are being forced to borrow against the value of their homes to cover the higher cost of living in Australia.

Retirees fast-forward to reverse mortgages

There are now 33,700 reverse mortgages in Australia totalling more than $2 billion in value - a rise of 34 per cent in the past year. Deloitte partner James Hickey said that during the past year $466 million was borrowed - the majority in a lump sum, rather than an income stream.

Posted by chris @ 10:11 PM (416 views)
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