What is a reverse mortgage?
A reverse mortgage is like a normal home loan that has been designed for the needs of people in retirement. It allows people aged 60 and over to release equity from their home to live a more comfortable retirement. Importantly, you continue to own and live in your home.
What can you do with a reverse mortgage?
Pay off debt
Consolidate or pay off your loans or credit cards with your home equity.
Use a reverse mortgage to make improvements or repairs to your home.
Day to day expenses
Use your home equity to help cover your living expenses.
Travel & holidays
Fund your next local or overseas holiday with a reverse mortgage.
Buy a car
Upgrade to a more reliable car or pay for repairs to your existing vehicle.
Pay for Aged Care accommodation without having to sell your home.
Things to look for in your reverse mortgage provider
One of the most important decisions you’ll make about a reverse mortgage loan is which lender to choose. This decision may have a long-term impact on you and your family, so it’s crucial you get this right.
What to look for in a reverse mortgage lender? Keep these eight things in mind.
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What our customers say
“Heartland Reverse Mortgage provided us extra income to supplement the pension, allowing for a good lifestyle.”
I would do it again
“I took a reverse mortgage out 10 years ago. It was the best thing to do as it has enabled me to stay on living by the beach where I love to be! I would do it again!!”
“This loan has enabled us to remain in our home and continue to be useful members of a small community. The medical services provided here are excellent and we’re both in need of them.”