07 Mar, 2019
A new product has hit the market to cater from demand for retirees to use the equity in their homes to fund their retirement expenses.
Household Capital has launched a new loan product that allows retirees to use equity in the family home to fund retirement expenses, enhance income or provide financial support to their children.
According to research undertaken by Household Capital, approximately 80 per cent of retirees own their home, leaving close to $900 billion in untapped home equity.
Chief executive officer of Household Capital Joshua Funder said that this loan product was in part a way to re-invert the disinheritance of the children of Baby Boomers.