Equity release is a specialised area of mortgage broking with a small range of products currently available on the Australian market via a limited number of lenders.
For most brokers, the request for a reverse mortgage usually comes via a client looking to assist ageing parents, in-laws, extended family or friends.
It is therefore completely understandable that brokers don’t always have experience or accreditation in dealing with equity release, nor the tools to create the modelling or make the necessary comparisons of product types and features to determine the best option for a client.
When evaluating whether equity release is a viable and suitable strategy for a client, it also needs to be considered in conjunction with the rest of their available income streams including Age Pension and their account-based pension.
Unless brokers also hold an AFSL, this is usually outside the scope of their licensing capabilities.
Smooth Retirement has been designed to work directly with mortgage brokers to enable them to assist their clients with equity release advice and product recommendations.
The process is simple. Brokers make a clean referral to us and we examine the client’s equity release options on their behalf.
Our service includes product comparisons and identification of the most suitable product, along with modelling and illustrations demonstrating how a reverse mortgage can be combined with all their other income producing assets to meet retirement income and funding goals.
Our comprehensive advice statement (Combined Statement of Advice & Credit Proposal) is highly detailed and includes a long-term retirement income stream strategy, as well as the recommendation and facilitation of a credit product (reverse mortgage or equity release), and option of an annual review for equity release purposes only.
The client remains the client of the mortgage broker. We don’t and will not seek to broker any other types of loans other than equity release products such as reverse mortgages.
Smooth Retirement is licensed to provide strategic advice on retirement income streams under our AFSL and equity release product advice and recommendations under our Australian Credit Licence.