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As main prize winners of the Golden Oldie Award, Roger & Betty Allen from Epping enjoy their Captain Cook Cruise on the Great Barrier Reef. They write:
Dear Seniors First,
As you will see from the enclosed photos of us on the Reef Eneavour, we have had our Captain Cook Great Barrier Reef Cruise and it was a great success: the hospitality and crusie were excellent and we visited some fabulous places.
Once again, thanks to Seniors First for the Golden Oldies prize.
Betty & Roger Allen
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| From left: Seniors First Area Manager, Bob Watson, prizewinner Terrence Hickey & his wife Margaret Hickey, Golden Oldie Winner Ian Kiernan, prizewinner Betty Allen & her husband Roger Allen, Seniors First Area Manager Gary Ives, and Managing Director Darren Moffatt. |
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| From left: Gary Ives, Ian Phillips, Darren Moffatt, John Hubbard, Dorothy Bridge, Bob Watson, Elaine Kos, Fred Payne. |
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| At the Seniors First stall outside the Expo |
Finally, it seems seniors may have found a helping hand with the complex world of reverse mortgages. At the Retirement and Lifestyle Expo held recently in Sydney, a new company was overwhelmed with the response to the launch of their free loan search and guidance service.
'Seniors First' is one of the first finance broker companies in New South Wales and the ACT to specialise solely in the senior's market. They are not a lender themselves, but rather work on behalf of the borrower to secure the best solution from a range of providers. Perhaps best of all, most of their Area Manager staff are seniors too. And if the response at the expo is any guide, it seems people have been waiting for just this kind of service to emerge.
"We were surprised by the strength of the reaction, no doubt about it," said Seniors First Managing Director, Darren Moffatt.
"At the beginning of every day we had a queue thirty long for more than an hour, so it's fair to say there's a lot of curiousity out there about how these loans work. But as the number of lenders has grown over recent years, so has the confusion amongst consumers. We aim to help with this by comparing the best loan options and guiding them through the transaction."
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| From left: Distribution of the very popular Seniors First bags, visitors to the Expo take some time out, and Seniors First's Canberra Area Manager Elaine Kos with a well-wisher. |
Indeed, according to latest industry figures there are now nineteen different lenders offering reverse mortgage or equity release products. What safeguards do Seniors First have in place to protect consumers?
"Well, it's really important people are fully informed. If the borrower is receiving the pension we make sure they talk with Centrelink first. We recommend they get independent advice and we only use lenders who are members of the regulatory body, SEQUAL. And Seniors First strongly encourages them to involve any family or beneficiaries in their discussions."
Over the last few years reverse mortgages (also know as Equity Release Loans) have grown substantially in popularity as retirees and pensioners search for new ways to improve their cashflow. With no income required to qualify, and no need for any repayments to be made during the borrower's lifetime, they can provide borrowers with a greater sense of financial freedom in retirement.
"Make no mistake, reverse mortgages can work well for a lot of people but must be handled with care. There are also 'second generation' equity release products now emerging as well that work much differently from reverse mortgages, so there are even more issues to consider. That's why there is a real need for specialists like Seniors First. Our job is to give people the necessary information to make an informed decision.
"Anyone out there thinking about equity release or reverse mortgage should really give us a call first," said Mr Moffatt
30th June 2006
Finally, seniors are about to get a helping hand with the complex world of reverse mortgages.
Over the last few years these facilities (also know as Equity Release Loans) have grown substantially in popularity as retirees and pensioners search for new ways to improve their cashflow. With no income required to qualify, and no need for any repayments to be made during the borrower's lifetime, they can provide borrowers with a greater sense of financial freedom in retirement.
While this is good news for seniors and their families, with nineteen different lenders now operating in this market many people are finding it difficult knowing where to begin. Getting all the information needed to make an informed decision is a big job in itself. Seniors First Specialist Finance has been set up to help with this. And as the name implies, they aim to put their customers in a winning position when dealing with the lenders.
"People need a hand with these loans, it's that simple," says Managing Director, Darren Moffatt.
"Make no mistake, reverse mortgages are a huge positive development for senior Australians all around the country. These loans can massively improve quality of life for many, many people."
"But there are so many differences between all the banks that choosing the wrong lender or product could cost the borrower dearly down the track. Our job is to make sure they make an informed decision. We have access to the SEQUAL lenders, so by guiding them through the loan selection process we can possibly save them thousands of dollars. Best of all, our service is free to all seniors.
"Anyone out there thinking about a reverse mortgage should really give us a call first," said Mr Moffatt
And what's happening down at the expo?
"It's very exciting. We'll be launching with thousands of giveaways, a holiday draw, and we'll even have the Seniors First car on display! We encourage everyone to drop in and say hello. Our experienced staff will be on hand to answer any questions over a cup of coffee or tea, so it should be a great couple of days."
Seniors First Specialist Finance will be launching into the Sydney market with their appearance at the Retirement and Lifestyle Expo July 28th-30th at Rosehill Gardens.
For more information, click here