Reverse Mortgage Interest Rates
Flexibility is crucial when it comes to a Reverse Mortgage, so at Heartland Seniors Finance we offer you a variable reverse mortgage interest rate with the flexibility to repay your loan partially, or in full, at any time without paying penalty charges.
- Our current interest rate is 6.19% p.a. (Comparison Rate 6.21% p.a.*)
Further details can be found on the Heartland Seniors Finance Reverse Mortgage Fee Schedule.
Reverse Mortgage Interest Calculation
Reverse mortgage interest is calculated on the daily balance, compounded and debited monthly to your loan account. At the end of the term of your loan, when you move permanently from your home, the total interest charged, together with the principal will be payable.
Take note that the rate is subject to change, because it is a variable interest rate. If there are changes to your interest rate, we will publish these on our website and in a newspaper with nationwide circulation. We will also detail the new interest rate on your next loan account statement.
If you are a Legacy client, please click here for interest rates applicable.
* The comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.