The NRMLA Annual Meeting in September 2024 attracted notable figures from HUD, including FHA Commissioner Julia Gordon, stirring surprise among Australian lenders at this level of government engagement. The conversation contrasted with Australia's Home Equity Access Scheme, which, while showing increased adoption among older homeowners, follows stricter age and participation regulations. Australian lenders typically manage consultations and legal advice independently, emphasizing the value of regulatory protections and counseling introduced by U.S. officials, which impressed attendees, revealing differing approaches in addressing reverse mortgage needs and supports.
The level of government engagement regarding reverse mortgages was surprising for Heartbank Bank officials, contrasting the direct lender-client handling common in their country.
The uptake of the Home Equity Access Scheme in Australia has surged, revealing a growing market need for financial products catering to older homeowners.
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