{"id":591537,"date":"2026-07-18T04:22:22","date_gmt":"2026-07-18T04:22:22","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/591537\/"},"modified":"2026-07-18T04:22:22","modified_gmt":"2026-07-18T04:22:22","slug":"younger-australians-turning-to-reverse-mortgages-to-fund-early-retirement","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/591537\/","title":{"rendered":"Younger Australians turning to reverse mortgages to fund early retirement"},"content":{"rendered":"

More and more homeowners are tapping into their equity to help retire early and cover major expenses, with demand from younger borrowers driving a surge in reverse mortgages.<\/p>\n

For Graham and Fran Burns, there\u2019s no place like their own home. \u201cWell, I love it here,\u201d Fran said.<\/p>\n

WATCH THE VIDEO ABOVE: Younger Australians turn to reverse mortgages for early retirement<\/strong><\/p>\n

Know the news with the 7NEWS app: Download today Arrow<\/a><\/p>\n

The couple are tapping into their biggest asset to help fund their retirement. \u201cInstead of going through that whole process of downsizing,\u201d Graham explained.<\/p>\n

Now more Australians in their mid to late fifties are catching on and considering reverse mortgages.<\/p>\n

\"GrahamGraham and Fran Burns. Credit: 7NEWS<\/p>\n

The home equity loans are often funding renovations, debt repayment, new cars, regular income and travel.<\/p>\n

Shane Churchward, who recently took out a reverse mortgage, is embracing his newfound freedom.<\/p>\n

\u201cYeah, I\u2019m 56 in a couple of months. I retired 17 days ago. I\u2019m about to go to Thailand for a year,\u201d he said.<\/p>\n

Seniors First CEO Darren Moffatt says the trend is clear. \u201cWe\u2019re definitely seeing a trend towards younger people and we\u2019re also seeing a trend towards people in wealthy areas.\u201d<\/p>\n

Most borrowers are along the east coast, with 80 per cent concentrated in key areas including Broadbeach and Southport in Queensland, just across the border around Byron Bay, and in Sydney\u2019s affluent upper north shore suburb of Northbridge, as well as Melbourne\u2019s city and western suburbs.<\/p>\n

\"ShaneShane Churchward retired just over a fortnight ago. Credit: 7NEWS<\/p>\n

\u201cOne common myth is that, oh, that\u2019s the loan where the bank takes your house,\u201d Moffatt said.<\/p>\n

\u201cThat\u2019s not the case. People can stay in the home as long as they want, until they die, and they can never owe more than what the home is worth.\u201d<\/p>\n

However, borrowers are warned reverse mortgages can have interest rates as high as 8 per cent.<\/p>\n

The federal government is offering a similar, much cheaper scheme, giving seniors access to lump sums or fortnightly cash payments.<\/p>\n

For Graham and Fran, the decision has given them peace of mind. \u201cWe\u2019re beside ourselves with the opportunity to be able to stay here for at least five years,\u201d Graham said.<\/p>\n

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