Laurie Ferguson (Reid, Australian Labor Party, Shadow Minister for Consumer Affairs) Share this | Link to this | Hansard source

Existing laws, including the uniform consumer credit code, do not adequately protect reverse mortgage consumers and there is little protection provided by such alternatives as dispute resolution and clear disclosure requirements. Whilst there are obviously problems, they continue to proliferate. It is essential that consumers investigate alternatives and are extremely vigilant when signing up for these proposals. Fundamentally, of course, there is a need for the government as a whole to look at the growth of this form of loan and ensure that an enough protection is provided to Australian consumers.