Scoop Independent News - Business

DorchesterLife receives SHERPA seal of approval

Wednesday, 7 November 2007, 4:17 pm
Press Release: DorchesterLife

 

 

 

For many older New Zealanders, working past retirement age is becoming a financial reality with policy changes and socio-economic developments becoming more influential on when to retire.

 

Reverse mortgages offer one solution to retirement funding but with more companies offering these plans, knowing who to trust can be difficult.

DorchesterLife, which offers both Home Equity Release loans and Reverse Mortgages, is proud to be a member of SHERPA (Safe Home Equity Release Plans Association), the industry body dedicated entirely to the promotion of safe home equity release (Reverse Mortgage) plans and the protection of plan-holders.

The increasing popularity of reverse mortgages means organisations such as SHERPA are becoming more important for New Zealanders in the current financial climate.

Rob Dowler, Executive Director of SHERPA, said: “The level of interest in home equity release plans is reflected by the total outstanding loan balances doubling during last year. This rate of growth is expected to be maintained this year.”

Henry Lynch, Group General Manager of DorchesterLife said: “With the increasing popularity of reverse mortgages, an organisation such as SHERPA is ever more important to ensure that public trust in the industry is maintained.

“At DorchesterLife, we take the protection of our customers seriously. The code of practice that SHERPA members have to adhere to is in line with our current practices and policies to ensure our customers are well protected.

“By joining SHERPA, DorchesterLife subjects itself to accountability through compliance requirements such as full disclosure of fees and charges, the no-negative equity guarantee and lifetime occupancy, amongst others.”

Rob commented: “SHERPA is pleased to welcome DorchesterLife to membership following completion of the independent assessment of DorchesterLife’s compliance with the SHERPA Code of Practice.”

DorchesterLife has recently improved its reverse mortgage products, reducing the minimum house value from $200,000 to $100,000, the minimum additional drawdown from $5,000 to $1,000 and cutting the cost of set up fees.

Additionally, DorchesterLife also offers free life insurance of $1000 and free Accidental Death Cover of $5000.

 

Ends

For more information, please contact:

Henry Lynch, Group General Manager, DorchesterLife

Tel: 09 300 4858

 

Rob W M Dowler, Executive Director, SHERPA (Safe Home Equity Release Plans Association)

Tel: 0800 000 207

Released on behalf of DorchesterLife by spice communications group. Contact Jackie Fairbairn on 09 3666100 or 027 246 2505.