Reverse Mortgages

How does a Reverse Mortgage work?

A reverse mortgage allows you to release your home equity, enabling you to continue living in your home and enjoying the benefits of your community.

Reverse mortgage drawdown options

We offer three ways to access your home equity. You only pay interest when the funds are drawn down from your loan.

1
Initial lump sum

Receive a lump sum payment at the start of your loan. This is ideal for those wanting to repay an existing mortgage or other debts, pay for medical expenses, make home renovations, buy a new car, or go on a holiday. 

2
Regular advance

Ideal for those wanting to supplement their retirement income with a monthly, quarterly, or annual payment for up to ten years.  

3
Cash reserve

Apply for a cash reserve if you require future access to funds released from your home equity.

Reverse mortgage interest rate

Our variable interest rate provides you with flexibility to make voluntary repayments whenever you choose. Interest is calculated daily and charged to your reverse mortgage account monthly.  

Featured rate
9.75 % p.a.
Comparison rate
9.78 % p.a. 1

How do I get a Heartland Bank Reverse Mortgage?

1
Apply online

Complete our online application. We’ll review your eligibility, this includes your age, estimated property value and location. We’ll then call to discuss your needs.

2
Property valuation

We’ll request a valuation of your property, ensuring that it meets our lending criteria. 

3
Approval

We’ll assess your application, ensuring it’s suitable for you and for us – if so, we’ll make you a loan offer.  

4
Settlement

Your loan documents are sent to your solicitor to receive independent legal advice. Once they’re signed and returned, we’ll arrange for your funds to be paid.  

Reverse mortgage considerations

  • The amount of home equity you can release is determined by your age, property value, and other loan approval criteria.
  • Interest is calculated daily and applied to your loan account monthly. As no repayments are required, your loan balance will increase over time.
  • Once you’ve moved permanently from your home, the entire loan balance becomes payable within 12 months.
  • Fees and charges apply.

Get in touch

If you'd like to find out more about a Heartland Bank Reverse Mortgage, request a guide or call us on 1300 889 338.

Contact us