Australia's peak consumer organisation for older Australians says seniors should be able to access the equity in their home as a way of funding additional care, but at a fair interest rate.
National Seniors Chief Advocate Ian Henschke says the government's Pension Loans Scheme (PLS) allows older Australians to access their home equity but the borrowing rate of 4.5% is too high.
"Our scheme would have a much lower rate. And since the equity can only be used to fund home care, it would not be a competitor to current commercial reverse mortgage schemes," Mr Henschke said.
National Seniors also wants to see more suitable housing projects with simple lease agreements.
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