Protecting you and your home.
The Heartland Seniors Finance Reverse mortgage is designed to protect borrowers.
Your home will remain the place you live in for as long as you choose. You retain ownership of your home at all times, benefiting from any increase in property value.*
No Negative Equity Guarantee
The amount required to repay the loan will never exceed the net sale proceeds of the property.*
There is no requirement to make any loan repayments until the end of the loan. However, you are free to make repayments at any time, with no penalty (discharge fee applies).
Equity Protection Option
Under the Equity Protection Option you may choose to protect a percentage of the eventual net sale proceeds of your home (up to 50%). When your loan is repaid, you or your estate are guaranteed to receive any chosen Equity Protection percentage.
For example: You choose to protect 20% of your home and the net sale proceeds when you sell are $500,000. As long as you meet your obligations under the loan, the maximum that you or your estate would be required to pay us would be $400,000, even if the loan balance on your loan was higher than this amount.
Loan approval, terms and conditions, fees and charges apply. Please be aware that choosing the Equity Protection Option will reduce the loan amount available by the percentage selected.
Independent legal advice
It is important that you are completely happy with all aspects of your Heartland Reverse Mortgage. To ensure this, the legal advice on your loan agreement must be carried out by a solicitor of your choice, who will represent your interests and work with you to explain and discuss your loan.
Independent financial advice and family involvement
We strongly recommend that you first discuss with your financial adviser and your family when considering a Heartland Reverse Mortgage.
The combined effect of these initiatives is that Heartland borrowers can feel confident in the Reverse Mortgage protection we offer.
30 Day Cooling Off Period
If you take out a loan with us and have a change of heart, Heartland’s 30 day cooling off period allows you to cancel your reverse mortgage within 30 days of settlement and repay your loan at no additional cost.
Heartland will refund the Settlement Fee, interest and the standard cost of a valuation. The only costs you may incur are any government charges, and your independent legal advice on the loan agreement.
*Subject to complying with the terms and conditions of the Heartland Reverse Mortgage, you will not owe more than the net sale proceeds of your home and you can keep your home for as long as you choose.
Have more questions?
If you would like to discuss the protections Heartland has in place, or how a reverse mortgage could be beneficial to you, please don’t hesitate to contact our friendly team on 1300 889 338 or [email protected], or request an application pack. We are here to help you.