The National Information Centre on Retirement Investments Inc (NICRI) is well known for providing consumers with information on investments, retirement income streams, superannuation and the financial planning process and is now trialing the new service to provide information to prospective equity release and reverse mortgage applicants. It is called The Equity Release/Reverse Mortgage Information Service (ERRMIS) and was launched on February 2nd 2009.
These types of products have been around for a number of years and have become quite popular in recent times. It has also become apparent that there is a need for consumers to have access to free and independent information so that they fully understand the product. A recent study showed that a large proportion of consumers who have taken out such a loan do not fully understand the product or what the consequences of taking out one of these loan facilities may be to their personal situation. The Australian Government recognised the need for such a service and has provided funding to NICRI through the Department of Families, Housing, Community Services and Indigenous Affairs for a six month pilot program. For more information contact ERRMIS toll free on 1800 615 676 between 9am and 5pm, Monday to Friday.