Heartland is Australia’s leading reverse mortgage provider. Established in 2004, Heartland has helped over 21,000 people aged 60 and over release more than $1.2bn of equity from their homes, helping them to live a more comfortable retirement, with independence and dignity.
A reverse mortgage is like a regular home loan designed specifically for the needs of seniors. If you are aged 60 or over, you can access the equity in your home without having to sell, to help live a more comfortable retirement.
Borrower protections include:
- No Negative Equity Guarantee: The amount required to repay the loan will never exceed the net sale proceeds of the property.
- Lifetime Occupancy: Your home will remain the place you live in for as long as you choose. You always retain ownership of your home, benefiting from any increase in property value.
- Equity Protection Option: protect a percentage of the eventual net sale proceeds of your home (up to 50%). When your loan is repaid, you or your estate are guaranteed to receive any chosen Equity Protection percentage.
You can use a reverse mortgage for many purposes such as debt consolidation, living expenses, home improvements, travel, medical costs, aged care or purchasing a new car.
No regular repayments are required, the interest is added to the loan each month, with the total amount payable only being due when you move out of your property – usually when it is sold, you move into long term care, or pass away. Though not required, regular loan repayments can be made at any time without penalty charges, and a redraw option is available.
You can choose to receive your reverse mortgage loan amount as a lump sum, regular advances for up to 10 years, a cash reserve facility (like a ‘line of credit’), or a combination of all three.
If you are interested in finding out more about reverse mortgages, get in touch with Australia’s leading reverse mortgage provider Heartland, on 1300 889 338 or email [email protected]. You can also download their free Reverse Mortgage Guide.
Alternatively, If you would like to start your application, or arrange a meeting with a specialist accredited broker, please contact Heartland’s Customer Care Team on 1300 889 338, email [email protected], or you can Apply Online.
IMPORTANT NOTICE: Applications are subject to loan approval criteria. Terms, conditions, fees and charges apply. Credit provided by ASF Custodians Pty Ltd (ACN 106 822 780 / Australian Credit Licence No. 386781). Subject to complying with the terms and conditions of the Heartland Reverse Mortgage, you will not owe more than the net sale proceeds of your home and you can keep your home for as long as you choose. There is no assurance that property values will increase over time, and property values may also decline. Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.