The concept of borrowing money against personal property with no repayments required until the property is sold is becoming more popular. Sale of the property may be triggered by desire, need or death. The methods of obtaining the proceeds, and the features and benefits of these loans can be quite varied and complex. The Equity Release/Reverse Mortgage Information Service is a free independent service designed to help consumers understand the various aspects and issues of equity release and reverse mortgage products. Information officers are available via a toll free telephone service, 1800 615 676 from Monday to Friday between 9am and 5pm to speak directly to consumers regarding their individual circumstances.
Since launching on 2 February 2009, NICRI’s Equity Release/Reverse Mortgage Service (ERRMIS) has received over 4000 enquiries from the public.
Most callers who contact ERRMIS are new to reverse mortgages and want more information in order to better understand how these products work. The most common reasons why consumers want these products is to help with everyday living costs and repair or renovate the home. Other reasons include financing important health and aged care costs and even travel. ERRMIS can also assist those who feel unsure about their situation, and help point you in the right direction when it comes to complaints resolution, debt issues and explain other alternatives available.