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.