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Designed to free up funds in retirement, the reverse mortgage is gaining popularity fast. In 2005, over 13,000 Australians took the reverse mortgage option to fund their retirement, loaning a grand total of $647 million. An incredible increase over the previous year's 5000 reverse mortgage applications, totalling just $250 million.
Confused about all the different types of home loans on offer? This Money Buddy guide cuts through the jargon and explains what mortgage types are available and how to decide what you need.
