Cannex forays into reverse mortgage sector
Two products have earned a five-star rating from financial ratings group Cannex in its inaugural survey of the reverse mortgages sector.
Head of research Mara Bun announced the two top rated products at Sequal’s second annual Reverse Mortgage Forum in Sydney yesterday, but embargoed the results until the survey is formally released next week.
Bun said the survey, which will be updated every six months, had reviewed the full range of products in the universe on the basis of interest rates and fees as well as more than 100 product features.
“The ratings we have given the products in our survey are basically an assessment of our view of value for money for the universe of products as a whole,” she said.
She said the decision to commence reviewing the sector was due to its “growing popularity, and also having watched the industry take more responsibility for some crucial consumer protection”.
Cannex’s first foray into reverse mortgage reviews follows its inaugural survey of the ‘low doc’ mortgage sector a few months ago, and the packaged loans sector only last month.
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