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Reverse mortgages making losses

Australian Seniors Finance posted an operating loss of $11 million and had a net asset deficiency of $10.4 million at the end of March 2008, but continues to trade with financial support from its New Zealand-based parent, Seniors Money International, the Herald Sun reported.ASF has lent more than $336 million to 5600 retirees through reverse mortgages. Commonwealth Bank is ASF's funder.

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