A Reverse Mortgage to upgrade your car

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Using a reverse mortgage as a car loan

Statistically, senior drivers are some of the safest drivers on Australian roads. However, even though they are safer on the road, because of financial constraints many Australian seniors continue to drive older model vehicles that are more difficult to operate, and have lower safety ratings, than a newer car.

In addition to improved safety, technology in modern cars is continuing to add benefits, with improved fuel economy, an increase in driver comfort, and better reliability – helping to improve retirement quality.

Understandably, Australian seniors do not want to exhaust what savings they have by using this cash for a large asset purchase, but many can find it difficult to secure a car loan from the banks to update an old vehicle.

Upgrade to a more reliable car with a Heartland Reverse Mortgage

Almost 85% of Australians aged 65+ own their home and, for most, it is their most valuable asset. With a Heartland Reverse Mortgage, you may be able to access a portion of this wealth to purchase a new car, or pay for needed repairs and maintenance to your current vehicle.

One of the benefits of using a reverse mortgage as a car loan is that regular loan repayments are not required. The interest is calculated on the balance outstanding, and added monthly to your loan. Voluntary repayments can be made at any time if you choose, which reduces the balance and interest charged. At the end of the term of your loan, when you move permanently from your home, the total interest charged, together with the amounts drawn, will be payable.

The absence of mandatory loan repayments can reduce stress and free up cash flow, giving you the peace of mind to live a more comfortable retirement!

At Heartland, over 20% of customers use a reverse mortgage for car replacement or repair. But don’t just take our word for it, here’s what some of our customers have to say:

"With the new car and house improvements in our stage of life made things more enjoyable."

"My Heartland loan enabled me to travel, help family members and purchase a new car. I will be recommending your services to my friends."

"All seniors would find your information most valuable. There's so much information out there, most people think who do we trust? We trust you."

 

Get your FREE copy of "Reverse Mortgage Insights!"

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:

Upgrade your safety and comfort

Purchase a newer car with improved safety ratings and fuel economy. 

No need to sell your home

Fund your transport requirements, while still retaining ownership of your home.

No regular repayments required

There is no requirement to make any repayments until the end of the loan, however you are free to do so at any time.

Invest in your independence

Improve your car comfort and reliability, while maintaining connection to family, friends and community.

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

96% of customers were likely or highly likely to recommend Heartland to friends and family, and 94% would recommend taking out a reverse mortgage.
Heartland Customer Survey, January 2018

About Heartland Seniors Finance

Since 2004, Heartland Seniors Finance has helped over 15,000 senior Australians release the equity in their home to fund a better lifestyle in retirement with our reverse mortgage.

Being a specialist non-bank lender, Heartland understands the needs of senior Australians and offers an award-winning, market leading product. With a broad criteria, flexible product, and considerable customer protection, Heartland is Australia’s leading reverse mortgage provider.

Can we help you live a better retirement?

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