Using a Reverse Mortgage for income and living expenses
Were you aware that around 80% of retirees receive an Age Pension? With compulsory superannuation only coming into effect in 1993, it’s likely that Australian seniors working during the 50’s, 60’s and 70’s have not accumulated enough super to fund what is considered a ‘comfortable retirement’.
As a senior on a limited income, you could be finding it increasingly difficult to make ends meet. You are not alone. Many Australian seniors have rising cost of living pressures and bill stress. You may worry about switching the heater on in winter, and finding the money to pay for medical expenses, a car service, or even a trip to visit the grandkids can be tough. An option to help ease the squeeze is releasing home equity with a reverse mortgage – to help live a better retirement.
Funding everyday bills with a Heartland Seniors Finance Reverse Mortgage 'Regular Advance' option
Heartland’s Reverse Mortgage can take the stress out of every day bills and provide a regular income stream supplement through our regular advance option.
With a Heartland regular advance you can elect to draw funds on a monthly, quarterly or annual basis to provide additional income and cash-flow for living expenses. Interest is only charged on the balance outstanding, so the savings over time can be substantial when compared to drawing a large lump sum. No regular repayments are required, though can be made at any time, and the debt is repaid from the future sale of the property.
At Heartland, over 40% of our customers use a reverse mortgage to supplement their income and cash-flow to help pay for everyday bills and living expenses. Don’t just take our word for it, here’s what some of our customers have to say:
"Heartland Reverse Mortgage provided us extra income to supplement the pension, allowing for a good lifestyle"
"The things I have achieved with this loan has made me very happy and content"
"Very happy and has given us a more enjoyable lifestyle"