OFM to sponsor reverse mortgage training

OFM Investment Group is to sponsor the Mortgage Industry Association of Australia’s (MIAA) reverse mortgage workshops.

The MIAA is to run national training workshops for mortgage brokers to help them understand these relatively new products.

MIAA chief executive officer Phil Naylor said the workshops were the first industry specific educational course on reverse mortgages.

“These mortgages are increasing in popularity and the MIAA wants to ensure that brokers who offer these products have expert knowledge of this growing segment of the market,” he said.

“Brokers distribute about 80 per cent of equity release products such as reverse mortgages.”

OFM head of retirement markets Chris Martin said his company supports the new workshops as they will maintain growth of the market and enhance product offerings.

“We see this as a significant relationship and a reinforcement of OFM’s commitment to the mortgage industry,” he said.

Naylor said OFM’s experience with these products would add to standards being set for the mortgage industry.

“We are delighted with the partnership and feel confident that OFM’s market experience will assist the MIAA’s efforts to improve industry standards, product knowledge and customer service,” he said.

“OFM has demonstrated its expertise in the area of equity release mortgages and its support of our education initiative demonstrates MIAA’s strong commitment to work with leading industry specialists in ensuring professionalism among brokers,” he said.