What can you do with a reverse mortgage?
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Fund aged care
For many older Australians, aged care is the best option to ensure they can live a comfortable retirement.
Aged care costs can be significant, and for many it appears that the only option to afford the cost of aged care is to sell the family home.
However, the family home could be retained, with a reverse mortgage used to fund aged care entry costs.
Avoid selling your home with a reverse mortgage
Our Aged Care Option is one of the few specialist aged care reverse mortgages available in Australia, and is an alternative to selling the family home to fund the costs of entering aged care.
With a five-year loan term and no need to make regular loan repayments, our Aged Care Option provides families with options. You can retain your family home and release its equity to pay for the upfront and ongoing costs associated with aged care.
Benefits of using a reverse mortgage for aged care expenses
Flexible payment options
After drawing an initial amount, apply for a regular advance to cover the cost of your Home Care package, with the option to apply for a cash reserve in the future.
No regular repayments
There’s no need to make regular repayments until the end of the loan, however you’re free to do so.
Peace of mind
Have peace of mind knowing that you remain the owner of your home with our lifetime occupancy guarantee.
A case study of Sue
Property in Melbourne valued at $1,220,000. Age 89 years old...
Sue was able to borrow the total amount requested as it met Heartland’s credit criteria.
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