A Reverse Mortgage for Aged Care

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Using Aged care reverse mortgage

In 2014 the Living Longer, Living Better reforms were introduced by government to improve the accessibility, sustainability, and quality of Aged Care in Australia. However, there is a downside for consumers: higher nursing home costs.

Nowadays, if you have a family member going into Aged Care, you may confront several fee layers:

  • Refundable Accommodation Deposit (RAD)
  • Daily Accommodation Payment (DAP)
  • Means-tested daily fee
  • Daily care fee

The RAD is often the most difficult to pay. It’s an upfront lump sum payment to the nursing home, and families are often shocked to discover they may need to raise between $300,000 and $500,000, and even more in some areas.

Most people think selling the family home is the only option. This can be a distressing outcome for the family. However, in many cases the house can be retained by using a Reverse Mortgage loan to fund Aged Care entry costs.

Pay for your Aged Care accommodation with a Reverse Mortgage from Heartland

If you or an elderly family member have limited available cash to pay for a RAD or other aged care fees, it is now possible to avoid selling the home.

Heartland Seniors Finance has developed the solution you need.

Depending on age, a Heartland Reverse Mortgage ‘Aged Care Option’ can release as much as 45 per cent of the home value and is one of the few specialist Aged Care Reverse Mortgage loan products available in Australia that can offer an important funding alternative to the elderly and their families.

With flexible terms, no need for regular repayments, and other benefits to consider such as a potentially lower impact on the aged pension (compared to selling the house to pay for Aged Care costs), our Aged Care Reverse Mortgage product may save you and the family a substantial sum over time1.

1 IMPORTANT NOTICE: This information may change from time to time. This information has been prepared without taking account of the objectives, financial situation or needs of any particular individual. For this reason, any individual should, before acting on this information, consider the appropriateness of the information having regard to their individual objectives, financial situation and needs and, if necessary, seek appropriate professional, financial and taxation advice. Applications are subject to our normal loan approval. Full terms and conditions will be included in any loan offer. Fees and charges are payable. Credit provided by ASF Custodians Pty Ltd or Seniors Finance Custodians Pty Ltd.

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Eager to learn more?

If you want to explore how a Reverse Mortgage can be used to fund aged care, complete the above form and instantly receive your copy via email.

You can also call Heartland Seniors Finance on 1300 889 338 for a chat.

Benefits of obtaining an Aged Care Reverse Mortgage from Heartland:

Minimal income requirements to qualify

Government aged pension or superannuation is sufficient.

Flexible cash flow

Tell us how much you need for your entry fee, and you may be able to set up a cash reserve that you can use for other elderly care expenses.

No need to sell your home

You retain ownership of your home, so you can always return home if you wish.

No regular repayments required

However you can make repayments if you wish. The debt is ultimately repaid from the future sale of your property, once you decide to sell or after you have passed away.

For the seventh consecutive year, we are proud to be awarded Money Magazine’s Best Reverse Mortgage product.

100% of our customers are more than satisfied with our product and service, while 95% of our customers have either already, or are likely to, refer a friend to Heartland Seniors Finance
Heartland Customer Survey, July 2015.

About Heartland Seniors Finance

Established in 2004, Heartland Seniors Finance (previously known as Australian Seniors Finance) has helped thousands of people over 60 release home equity to fund a better lifestyle in retirement.

As a non-bank lender, Heartland Seniors Finance understands the needs of older borrowers and is proud to offer an important funding alternative for Australian pensioners and self-funded retirees. With flexible credit policies and a suite of innovative loan products, Heartland Seniors Finance a Reverse Mortgage lender of choice for many Australian seniors.