Crowdfunder DomaCom has revealed a senior equity release product that will enable financial advisers to offer the product to clients seeking to release a portion of equity from their property.
The Senior Equity Release (SER) is the first equity release available to advisers in Australia and is paired with an adviser accreditation course, DomaCom said in a statement to the ASX. It said all other equity release products are either structured as credit or real estate products.
DomaCom said it has begun marketing the equity release product directly to advisers, and that there are 19 enrolments in the accreditation course from aged care specialist advisers.
DomaCom chief executive Arthur Naoumidis said the senior equity release is the first financial product in the space that gives financial advisers the ability to provide valuable options to asset rich and cash poor senior Australians by enabling them to sell a portion of their property.
“There are now over 3.8 million Australians over the age of 65, many of whom will be seeking to unlock their home equity and transition towards retirement living,” Mr Naoumidis said.
“With the number of Australians over 65 growing each year, we believe that the launch of our SER product puts financial advisers and DomaCom in an unmatched position to service retirees with this significant long-term growth opportunity.”
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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