Finance Brokers Association of Australasia (FBAA) managing director Peter White AM has hailed the ongoing work of the Seniors Equity Release Industry Forum (SERIF), saying it highlights the need for collaborative national solutions to one of Australia’s biggest structural challenges.

“Not only do older Australians require funding for a dignified, secure retirement, but reverse mortgages present finance and mortgage brokers with a great opportunity to diversify,” he said.

However he pointed out that reverse mortgages are different to a typical home loan, and “specific knowledge is required by brokers on how to successfully tap into this growing market.”

SERIF convened most recently in November, bringing together key sector stakeholders including the FBAA, reverse mortgage lenders, equity release providers, specialist broker groups, UNSW Sydney, an aged-care advisory expert, the AIOFP and Deloitte.

“Through SERIF, the FBAA is intensifying efforts to educate government, brokers, and the broader industry on reverse mortgage lending and seniors’ equity release products, while also raising public awareness of their benefits,” Mr White said.

Delegates at the November meeting were presented with demographic data indicating strong future demand for these products, with Darren Moffatt, Director of Seniors First, pointing out that equity release should be recognised as a powerful national tool—not a niche product.

Chair of SERIF Stephen Rasmussen said Australia is facing a retirement savings shortfall of unprecedented scale, yet many retirees are sitting on millions of dollars in home equity.

“Our message to government, industry and the community is that responsible equity release can close that gap without forcing older Australian homeowners to downsize, let alone struggle in funding their retirement,” he said.

“FBAA is proud to be part of an industry leading forum at the forefront of efforts to protect and maintain standards in lending and broking in the reverse mortgage and equity release markets.”

Mr Rasmussen said that with the support and guidance of the FBAA, SERIF will continue to play a key industry leadership role, as the reverse mortgage and equity release sectors embark on a new era of growth.