What can you do with a reverse mortgage?
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Buy a car
Having the freedom to visit family and friends helps older Australians to enjoy retirement. A new car also provides other benefits, such as improve safety, comfort, and reliability.
However, for many retirees, a new car is out of reach.
Faced with exhausting their savings, many Australian retirees choose not to upgrade their car.
Upgrade to a new car with our reverse mortgage
Release your home equity with our reverse mortgage to buy your next car.
Interest is only charged on the balance outstanding. No repayments are required, although voluntary repayments can be made any time to reduce the amount you owe. The loan is repaid from the future sale of the property.
Benefits of using a reverse mortgage to buy a car
Flexible payment options
Draw an initial amount to buy your new car. You can also apply for a regular advance to offset the ongoing running costs, 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 Bruce and Jane
Property in Bankstown valued at $735,000. Ages 73 and 72 years old...
They were able to borrow the total amount requested as it met Heartland’s credit criteria, with the condition that they refinance their debts on settlement.
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