Former senior APRA member Geoff Summerhayes, now the chairman of Heartland Bank in Australia, is capitalising on an opportunity to sell reverse mortgages, the controversial product that allows retirees to release equity from their homes to top up their income.
Mr Summerhayes said Heartland’s acquisition of Challenger Bank, completed last month, will allow the New Zealand-listed lender to push a product that has been shunned by major banks to more borrowers.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
