THE popularity of reverse mortgages continues to grow exponentially, with a new analysis showing almost one quarter of people who have taken out reverse mortgages against their homes drew down additional funds in the first half of the year. For the first time, the study, the third in the series, looked at additional draw-downs by borrowers and found 23 per cent had borrowed additional funds in the six months to June, adding an average of $10,500 to the loan facility. Following the Choice report, the industry body, the Senior Australians Equity Release Association of Lenders, which represents more than 95 per cent of reverse mortgage lenders, worked with government and consumer groups to lift standards. Trowbridge Deloitte partner James Hickey said, on average, borrowers were only drawing on 75 per cent of the maximum possible loan amount and 10 per cent of borrowers each year were choosing to pay back their loans in full. read more