Possibly "Fake News" but I hear a good number of people reach 65 with a mortgage on their home,while the lucky ones have repaid it.
It also appears the average amount people have invested in the share market is about $30,000.
These are "well off" people.
A huge amount of people need to work well past retirement age,
Yes REL business is small fry compared to usual house mortgages.
Yes I agree there is MASSIVE scoop for growth in the years ahead for RELs.
Australia and NZ have seen,and are seeing people living in 500,000 to $1.5mil homes without the income to afford any standard of living, after paying rates,insurance and power.
RELs give them a live.Freedom to stay in their home ,and enjoy some of their capital,which after all is theirs' to do with whatever they want to.Travel,home improvements,medical procedure,grand daughter's university fees,or even heat the old house to a liveable temperature.
It is in governments interests to keep old people in their own home, and that is why governments support RELs.