A Reverse Mortgage car loan for seniors

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Using a Reverse Mortgage as a car loan

Retirees are the most experienced drivers on the road, with a deserved reputation amongst insurers for safety and lower accident rates. However, despite comprising a large portion of the driving population, older drivers are often surprised to find it difficult to buy a new car.

Limited income in the form of a government aged pension or superannuation does not qualify many seniors for a traditional car loan from the banks. Understandably, pensioners do not want to exhaust what savings they have by using cash for the purchase of such a large expense.

The result is that too many Australian retirees continue to drive older model vehicles that are more difficult to operate and less safe than newer cars.

If this is a concern for you, Heartland Seniors Finance may have the solution.

Upgrade to a more reliable car with a car loan funded by a Heartland Reverse Mortgage

Most people over 60 years have substantial home equity. By accessing a portion of this wealth, you can purchase a new car.

According to the industry body SEQUAL1, one of the most popular ways Australian seniors are using Reverse Mortgages is to finance the purchase of a new car1. Many seniors need a new vehicle that is easier to drive while others view it as a reward after years of hard work.

Using a Reverse Mortgage as a car loan for seniors enables you to fund your car repair or upgrade without the need for ongoing monthly repayments. With an interest rate that is often lower than traditional auto financing, and the ability to make repayments if and when you choose, a Heartland Reverse Mortgage can provide you with a cost effective and flexible alternative. Best of all, no more worries about driving an older vehicle. Obtain peace of mind by driving your new car soon.

1 SEQUAL Reverse Mortgage Survey

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Eager to learn more?

If you want to explore how a Reverse Mortgage can be used to buy a new car, 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 a Reverse Mortgage for a seniors car loan:

Minimal income requirements to qualify

Government aged pension or superannuation is often sufficient.

Flexible cash flow

Tell us how much you need to pay for your new car and then you may be able to set up a cash reserve that you can unlock for your future needs such as maintenance and  repairs.

No need to move

You retain ownership of your home, so you can live in comfort for the rest of your life.

No regular repayments required

However you can make repayments if you wish. The debt is ultimately repaid from the future sale of your property, when 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.