Using a Reverse Mortgage for income and cash-flow
More than 2 million Australians aged 60 and over currently depend on some form of government pension. If your working years occurred during the 50’s, 60’s, or 70’s then it’s less likely you have accumulated enough superannuation for a comfortable retirement as superannuation was only made compulsory in 1993.
As a senior on limited income, you may be finding it difficult to make ends meet. You are not alone. Aside from the rising cost of living in Australia, most seniors also need to pay medical and prescription bills. On top of this, worrying about where to find the money for everyday expenses can be an added burden during retirement.
Unfortunately, many turn to high interest-rate credit cards to fund unexpected living costs but it doesn’t need to be this way.
Fund living expenses with a Heartland Reverse Mortgage ‘Regular Advance’ option
According to the industry body SEQUAL one of the most popular uses for a Reverse Mortgage is for extra ‘income’ to pay for living expenses1. If you have home equity, you can access a portion of this wealth to help sustain the lifestyle you want.
Heartland Seniors Finance has the solution. Heartland is one of the few Reverse Mortgage lenders to offer a ‘Regular Advance’ option.
Unlike many other Reverse Mortgage providers, with Heartland you can elect to draw funds on a monthly, quarterly or annual basis to provide additional cash-flow. You will only be charged interest as you receive the money, so the savings over time can be substantial.