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 Deloitte, 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 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 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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