Whilst there were quite a large number of lenders for reverse mortgage products, changes that came about after the Global Financial Crisis caused most of them to withdraw.
Many potential borrowers who would have qualified at 60 yrs then found that the bar had risen to 63 yrs or 65 yrs.
In my general broking business I lost accreditation from major banks due to volume requirements. I felt that I could not provide the range of competitive products to provide the best outcome for my clients.
In addition, new licencing requirements make it more difficult and costly for a one man operation.
