A Reverse Mortgage for home repairs and improvements

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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.

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 fund home repairs, 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 home repairs:

Minimal income requirements to qualify

Government aged pension or superannuation is often adequate.

Flexible cash flow

Tell us how much you need to pay for home improvements and then you may be able to set up a cash reserve that you can unlock for your future needs.

No need to move out

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.