Reverse mortgage borrower Protection

As well as the three Heartland Seniors Finance promises, there are a range of other features and Reverse Mortgage protections we have put in place to help ensure you are comfortable with your decision to take out a Heartland Reverse Mortgage.

Ownership of your home

You retain ownership of your home at all times, and continue to enjoy any increase in property value.

Equity Protection Option

Under the Equity Protection Option you may choose to protect a percentage of the eventual net sale proceeds of your home (10%, 20% or 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.

Our cooling off period is an addition to Heartland’s loan repayment promise, and the ability to repay the loan, in full or in part, at any time, with no penalty.  Our new cooling off period is just a further demonstration of how Heartland takes its duty of care for our customers seriously.


If you would like to discuss the protections Heartland has put in place, or how a reverse mortgage could be used to help you, please don’t hesitate to contact our friendly team on 1300 889 338 or [email protected], or request an information pack. We are here to help you.


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