What can you do with a reverse mortgage?
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Home care
For many older Australians, being able to continue to live in their family home is important. Recent research undertaken by RMIT University, which was supported by Heartland Bank, found that 90% of Australians aged 60 and over want to remain in their home for as long as possible.
The age pension alone, even with a subsidised Government Home Care package, may not be enough to cover the costs associated with aging in place.
Our customers take out a reverse mortgage to release equity from their home to help them age in place by using the regular income stream to fund their Home Care package.
Ageing in place with a Home Care Package
The Australian aged care system provides older Australians with assistance, whether in a residential agreed care facility or through a Home Care Package.
A Home Care Package is a coordinated package of service and care, subsidised by the Australian government, helping Australians age in place and live independently in their home.
Benefits of using a reverse mortgage for home care
Flexible payment options
Draw an initial amount to fund the entry cost into aged care. You can also apply for a regular advance meet your regular living expenses, 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 Charles
Property in Western Australia valued at $300,000. Age age 72....
He ended up deciding to extend this to 2.5 years, so the loan totalled $75,000. This has enabled him to live in his own home for longer than he may have been able to without the ongoing home care and financial support.
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