AFG adds reverse mortgages to the line-up

  • By Christine St Anne

One of Australia’s largest mortgage aggregators has added a reverse mortgage business to its platform, providing brokers with a wider customer base. 

Heartland Reverse Mortgages will join over 70 lenders on the Australian Finance Group platform.

The appointment of a lender focused on customers over the age of 60 is in response to a growing need for choice of finance options for broker customers, according to AFG head of sales and distribution Chris Slater.

“With more than 70 lenders on the AFG panel, our brokers have access to finance solutions that meet the needs of their clients at all stages of life,” Slater said. 

“Ageing in place and access to equity are important considerations and the finance products offered by Heartland will help AFG brokers and their clients navigate these important decisions.”

Recent research supported by Heartland by the Royal Melbourne Institute of Technology (RMIT) about financing ageing in place found that most Australians want to remain in their home as long as possible, but many don’t have the funds to do so. 

Furthermore, updates to the 2018 Banking Code of Practice by the Australian Banking Association have led to an increased focus on ensuring finance and mortgage brokers are sufficiently educated on reverse mortgages and equity release products.

“The provision of choice for clients is at the centre of every broker’s business,” Slater said. 

“Heartland is known for being passionate about training and educating brokers about reverse mortgages to give them the knowledge to succeed in helping their clients live a more comfortable retirement.”