Using a Reverse Mortgage for home repairs and improvements
These days the Government aged pension and even superannuation is barely enough to cover basic living expenses let alone much needed home improvements. The cost of living in Australia is also rising and retirees are often forced to delay important property repairs as they understandably prioritise essentials such as food, utilities, and medical bills.
However, this can cause real problems for home owners, as neglecting maintenance and repairs may result in permanent damage to the property which can then reduce the value of your home. In addition, there may be important health or medical reasons why certain home improvements are needed. These include:
- Kitchen renovation
- Bathroom renovation
- Roof repairs
- Stair lift
Improve your property with a Reverse Mortgage loan for home repairs
Finding the money for property related expenses can be difficult. Seniors usually do not qualify for a conventional loan or equity credit line from the big banks because of limited income. With many resorting to using credit cards to pay for urgent home improvements, they add the burden of high interest rates and repayments. However, it doesn’t have to be this way and Heartland Seniors Finance has the solution you need.
Heartland Seniors Finance offers a Reverse Mortgage loan for home repairs. You can use your loan as a funding option to pay for important home repairs and improvements without the need for ongoing monthly repayments. With an interest rate much lower than credit cards or personal loans, 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.
A 2014 report released by mortgage industry body SEQUAL reveals that home improvement is one of the most popular uses for home equity release finance. About 14 per cent of seniors use Reverse Mortgage for home repairs1.