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Single-purpose reverse mortgage – Not as common as a HECM or proprietary reverse mortgage, this is a loan from a state or local government agency or nonprofit. Generally, it’s the least ...
Bluestone Group was established in 2000 in Australia as a specialist residential mortgage lender. The business was founded by Alistair Jeffery, an investment banker who had worked at Goldman Sachs and Nomura Securities in London during the 1990s. The first loan was settled in December 2000, and in the following year, a modest A$50m residential ...
Offered by nonprofits and state and local government agencies, these loans are aimed at lower-income borrowers and can only be used for one specific purpose, such as home repairs or property taxes ...
Reverse mortgages in Australia can be as high as 50% [7] of the property's value. The exact amount of money available (loan size) is determined by several factors: the borrower's age, with a higher amount available at a higher age [7]
Reverse mortgages have gained a reputation thanks to some scams that target unsuspecting seniors. Even legitimate companies have used dishonest marketing to try to get homeowners to take out ...
The Corporations Act 2001 sets up a uniform approach to the regulation of financial services through a uniform licensing and disclosure regime. The general regulatory position is that a person (whether an individual or corporate entity) carrying on a financial services business in Australia must, unless exempted, hold an Australian financial services licence (AFSL) issued by ASIC.
There are 171 principal entities other than the cabinet departments. These government agencies are classified by the Australian Government Organisations Register as either a non-corporate Commonwealth entity, a corporate Commonwealth entity, or a Commonwealth company. [2]
HECM, lump sum, line of credit, reverse for purchase, Platinum (jumbo) For HECMs, borrowers must be aged 62 or older and have considerable equity (at least 50 percent) or own their home free and ...