Victorian Reverse Mortgage
The Victorian Government wants retirees and pensioners to get advice before signing reverse mortgage contracts.
Reverse mortgages allow home owners to borrow money to live on against the value of their home.
Consumer Affairs Minister Marsha Thompson has told Parliament that mortgage schemes run by a company called Money for Living involve selling the house to the company in return for cash instalments.
Ms Thompson says retirees and pensioners should read reverse mortgage contracts closely, though she says she supports some schemes.
"We're concerned that, with any schemes out there, consumers make sure they actually understand the contractual arrangements that they're entering into," she said.
Source: ABC News Online
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