Senior Australian citizens primarily use reverse mortgages to fund home improvement and supplement retirement income, according to a recent study by the Royal Bank of Scotland and Deloitte.
Of the 425 retirees referenced in the study, nearly a third of their reverse mortgage funds were spent on home repairs and improvement, while 18.7 percent was used to boost their income.
Reverse mortgages were introduced in Australia earlier in the decade.
Link: Reverse mortgages paying debts: study
