What can you do with a reverse mortgage?
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Day-to-day expenses
Many Australian retirees receive an Age Pension, not having enough superannuation accumulated to live a comfortable retirement.
If you’re finding it difficult to make ends meet on a limited income, you’re not alone. Many Australian retirees are worried about things like switching on the heater in winter or finding the money to pay for their medical expenses, a car service, or even a trip to visit their grandkids.
Our customers take out a reverse mortgage to release equity from their home to manage their everyday living expenses.
Take the stress out of your daily life with a reverse mortgage
Many of our customers take out a reverse mortgage to supplement their income to pay for their living expenses or unexpected costs such as car repairs.
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 for day-to-day expenses
Flexible payment options
After drawing an initial amount, tell us how much you need to meet your day-to-day living expenses, with the option to apply for a cash reserve in the future.
No need to move out
You remain the owner of your home and benefit from any potential increase in your home’s value over time.
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 David and Margaret
Property in Melbourne valued at $1,000,000. Ages 63 and 72...
Their Heartland Reverse Mortgage helped them to support ongoing income, and removed the requirement to make regular loan repayments on outstanding debt, helping them to manage their cash flow more easily.
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