TMM - News
Reverse mortgages ease borrower “annoyance” - adviser
Wednesday 26th of October 2022
His new clients are older people with a small residual mortgage who suddenly become annoyed when their rate of interest more than doubles.
“It's a trend I have noticed in the last few weeks,” said a veteran broker, Maurice Mehlhopt, who focuses almost entirely on Home Equity Release (HER) schemes such as reverse mortgages.
“People with a tail-end mortgage see their interest rate go up a lot and decide just to get rid of it once and for all.”
The scenario goes like this, according to Mehlhopt.
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