Bluestone Equity Release Gets Top Cannex Rating

Specialist lender, Bluestone Group, has been recognised by independent financial services researcher Cannex as the leading provider of reverse mortgages in Australia, awarded its highest 5-star rating in the retiree funding sector. Subsidiary, Bluestone Equity Release, an early pioneer of reverse mortgage products since 2003 and now a major player, is among 17 lenders who offer 55 products which were evaluated by Cannex in its first-ever review of reverse mortgages. Bluestone's innovative EQUITYtap reverse mortgage allows Australian property owners aged over 60 who have owner-occupied and residential investment properties to be able access additional funds in retirement. In a report released today, Bluestone stood out as only one of two lenders found by Cannex as providing retirees with superior products, reflecting features "... which have seen... Bluestone cross the line ahead of the others". Cannex praised Bluestone for offering "six variations of their reverse mortgages, all with Protected Equity written in" as well as "variable capped interest rate loans with different pricing structures for lump sum drawdowns and instalments". CEO of Bluestone Equity Release, Mr Peter McGuinness welcomed Cannex initiative for providing a comprehensive and independent review and the resulting 5-star rating for Bluestone's products "We are delighted to have been recognised by such a highly regarded ratings service for our EQUITYtap Reverse Mortgage product," he said. "Bluestone Equity Release has maintained its focus on providing responsible and well-structured financial products to thousands of seniors throughout Australia and the Cannex 5-star rating represents strong endorsement of our efforts in this direction," Mr McGuinness said.
He said Bluestone aims to cater for the growing number of property owners interested in accessing the equity in their own homes or investment properties to supplement their retirement income or for investment purposes.
"Our pioneering move into reverse mortgages four years ago came after extensively researching the needs of Australia's ageing population, many of whom are asset-rich but cash poor, so unable enjoy the lifestyle they want in retirement.
"In the past, the only way in which Seniors could access the accumulated wealth in their property had been to sell their home and down-size, or move from the larger cities to smaller regional towns where property prices are lower," he said.
"This can place undue pressure on families to relocate, disrupting well established social structures and often meaning a significant cost in moving. There is strong evidence from our customers that Retirees want to stay in their home, certainly for the foreseeable future, and are interested in obtaining financial security to do so ".
"Through Bluestone, property owners over 60 are able to borrower a lump sum secured on their property as an alternative to selling," Mr McGuinness said.