AIOFP in reverse mortgage deal
OFM Investment Group, formerly known as the Over 50s Mutual Friendly Society, will be the exclusive reverse mortgage product supplier of the Australian Association of Independently Owned Financial Planners (AIOFP).
AIOFP chief executive officer Peter Johnston said the association felt OFM’s product range and culture best suited its members.
The deal will include training designed to enable AIOFP member firms to become accredited in the sale of reverse mortgages.
OFM acting chief executive Chris Martin said that offering a package that included training placed the business head and shoulders above its competition.
“The Australian mortgages industry is a market of fast followers — as soon as someone comes up with a good idea, everyone follows,” Martin said.
“But the product is only half of the equation; the total service we offer is outstanding.”
OFM is a major sponsor of the Mortgage Industry Association of Australia’s Equity Release Initiative and a founding member of the Senior Australians Equity Release Association of Lenders (Sequal).
“The reality is that the vast majority of retirees’ equity is tied up in the family home,” Martin said.
“But there are a number of considerations to be taken into account with reverse mortgages, including the impact on pension and family.”
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