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Mortgage Calculator will inform sound decisions


Hon Ruth Dyson
Minister for Social Development & Employment

5th June 2008
Mortgage Calculator will inform sound decisions

The introduction of a quick reverse mortgage calculator is an important step in assisting older people to assess the implication of taking out an equity loan says Social Development Ruth Dyson.

"Many older New Zealanders are sitting on valuable properties, with their main source of income being their NZ superannuation. Home Equity Conversion schemes allow older people to release some of the capital they have in their homes so that they can improve their lifestyle and age in the comfort of their own home,"said Ms Dyson.

"By putting a calculator on the Sorted Website, the Retirement Commissioner is making a service available to older people that will help them look at the effects of compounding interest, changing property values and different levels of borrowing."

"This is an important step for people to understand how reverse mortgages operate," said Ms Dyson.

The availability of a calculator, on a neutral website, used by many people looking for financial information, ensures that they are able to make their choices and explore their options without any form of pressure.

"The Government has nearly completed the development of minimum standards in a code of practice which will provide protection for older people and give them a degree of confidence in these schemes.

"This is all part of our work to ensure that New Zealanders have the information they require to make good investment decisions and this is particularly important to many older people," said Ms Dyson.


ENDS

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