Reverse Mortgage Loan Blog

New independent reverse mortgage broker network Fortus launched today, offering what it called a ‘strict code of conduct’ to safeguard retirees considering a reverse mortgage.

Comprised of more than 40 brokers in New South Wales, Queensland, Victoria, South Australia, Tasmania and West Australia, members are bound by a charter, including a strict code of conduct. All practices are also required to hold Reverse Mortgage Consultant accreditation from SEQUAL (Senior Australian Equity Release Association of Lenders), the reverse mortgage governing body. They are also required follow the MFAA’s Equity Release Code of Proper Process or the CPA Guidance Notes for advising on Reverse Mortgages.

“Retirees need to be confident that they are dealing with a properly educated and qualified broker. Fortus membership is a badge of quality and assurance to retirees,” said chairperson Craig Swan.

“There is no doubt reverse mortgages will continue grow in popularity as baby boomers seek ways to fund their retirement. However, equity release products are a specialty area that requires particular skills and expertise that many mortgage brokers aren’t prepared to develop.”

“Like SEQUAL, Fortus has a commitment to growing the reverse mortgage market – the difference being that Fortus focuses on the consumer, and on providing range of equity release alternatives and product information,” Swan said.

“Fortus members are at the forefront of the home equity release market. As home reversion schemes and shared appreciation mortgages become more widely accessible, we intend to continue to benchmark the standards for industry best practice, thereby continuing our focus on servicing Austra

Found here.

Bookmark It

Hide Sites