ABN AMRO's Reverse Mortgage wins again for customers and advisers

PRESS RELEASE 28 September 2007

ABN AMRO's Reverse Mortgage has won another best in class award in 2007, winning the Your Mortgage magazine "Best Reverse Mortgage" (Bank category). The product, first launched in November 2005, has been recognised due to its rare combination of flexibility and competitive pricing.

As the most flexible product in the market ABN AMRO's Reverse Mortgage allows customers to choose how to access their cash – drawing a lump sum, monthly income or set up a line of credit. Or a combination of all three.

All this choice comes with low fees and no hidden charges - no ongoing fees during the life of the loan, no redraw fees, no revaluation fees, no monthly fees.

The ABN AMRO product is the most awarded Reverse Mortgage in Australia in 2007 having won Your Mortgage magazine Best Reverse Mortgage (Bank), Financial Review Smart Investor Best Variable Rate Reverse Mortgage and Best Fixed Rate Reverse Mortgage and Money magazine Best of the Best Reverse Mortgage.

One of the key features that led to so many awards is the Flexible Drawdown Facility. This is often referred to as the "rainy day facility". It enables seniors aged over 60 to set up a facility that is just there if they need it – if they don't use it, there are no monthly fees or charges and obviously no interest.

It's a winning choice for customers and advisers.

Martin Lynch, Head of Reverse Mortgages, said the focus of the ABN AMRO product on delivering benefits to customers was the secret to its success.

‘We are obviously delighted to win another top award. The real delight though in this product is seeing how relatively small sums can transform people's lives'.

Mr Lynch said the rainy day facility is also great stress relief for customers, as well as meaning they still have control of their lives.

This means a lot to retirees, as ABN AMRO customer Percy Ohrling, 72, attests, ‘I think that a reverse mortgage is an excellent way for retired people like me to have their bank balance topped up, to be able to afford a holiday, or for that much needed extension on the house that they've thought about for years'.

The drawdown also gives people the flexibility to provide for themselves and their families.

Mr Ohrling said ‘There are, of course, those who would like to give their grand-children a better education. They may not have the finances to do so and the reverse mortgage is a good option'.

Queensland based, Mr Ohrling, developed a hobby of collecting Australian jokes, which he then publishes. He decided to take out the ABN AMRO product after extensive research of what was available. Once he did, he liked dealing with ABN AMRO so much he kindly sent Martin Lynch a copy of one of his books.

This is echoed by leading reverse mortgage broker Darren Moffatt, Managing Director - Seniors First Specialist Finance, who said" "As a leading broker group in senior's finance, we're in the business of finding people the best reverse mortgage solutions available.

‘Increasingly our customers are telling us they want flexibility and control, which is why the ABN AMRO reverse mortgage is proving so popular.'

He said with their unique line of credit option, and status as one of the world's largest banks, they offer market-leading flexibility and peace of mind.

‘It's little wonder ABN AMRO is consistently in our top product recommendations to clients.'