[VIDEO] Reverse Mortgage FAQs

Written By Andrew Ford

06 October 2017

[TRANSCRIPT]

WHAT YOU NEED TO KNOW ABOUT A REVERSE MORTGAGE

Hi, I'm Andrew Ford, the Chief Executive of Heartland Seniors Finance 

CAN I LOSE MY HOME WITH A REVERSE MORTGAGE?

There's some misconceptions about reverse mortgages. One of the major ones that come up is that you could lose your home. With a Heartland reverse mortgage that cannot happen. We guarantee that your home remains yours. 

WHAT IS THE IMPACT OF COMPOUNDING INTEREST?

A really good question around reverse mortgages is the impact of compounding interest, because the way the loan works is that interest is added to the loan every month. However, many of our customers are quite pleasantly surprised at how modest the impact that is over time when they draw the loan progressively.

HOW FLEXIBLE ARE THE REPAYMENT OPTIONS?

One of the great things about reverse mortgage is how flexible it is. It is truly one of the only options in retirement that enables people to release equity and then have choices on what they do. A Heartland reverse mortgage gives our customers the flexibility to repay the loan in full or in part at any time with no penalty. But there is no requirement to do so until they leave their home. With a reverse mortgage you've got that flexibility to repay it any time. With other options such as downsizing or moving into a retirement village, those options can be limited.

HOW ARE MOST REVERSE MORTGAGES USED?

The main thing our customers use a reverse mortgage for is to renovate their home. This is fantastic because it actually adds value to their property. They also use it for travel, for upgrading motor vehicle, to cover off medical expenses and aged care costs, and just to take the stress out of every day bills.

WHAT MAKES HEARTLAND'S PRODUCT SOCIALLY RESPONSIBLE?

Heartland's got a really socially responsible product for a number of reasons. First of all, the product itself is designed hard-coded to protect our customers with things like lifetime occupancy guarantee and no negative equity. We also have a very thorough application process that ensures the customer understands the product and is going to get the most out of it.  And finally our fulfillment process is very thorough as well. It includes independent legal advice, which is mandatory so that the customer really does understand it and can get the most out of our product and therefore their retirement.

CAN A REVERSE MORTGAGE IMPROVE MY LIFESTYLE?

Having a quality retirement on your pension alone can be really tough and we see people that can't turn on the heater on winter or that can't do things that they dreamed of in their retirement. And by just freeing up even a modest amount, it can often be transformational to their lives.

WHY SHOULD I CONSIDER A HEARTLAND REVERSE MORTGAGE?

Our product is market-leading. It's been awarded five stars by Canstar and best reverse mortgage from Money Magazine for six years in a row. For anyone who's over 60, who owns their own home and wants to live a better retirement, I encourage you to give Heartland Seniors Finance a call. We've got a market-leading product and a team of dedicated reverse mortgage specialists who can help you get the most out of a reverse mortgage.

 

HEARTLAND SENIORS FINANCE

1300 889 338

www.seniorsfinance.com.au 

 

 

 

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Andrew Ford, CEO, Heartland Seniors Finance

Andrew Ford is the CEO of Heartland Seniors Finance and has been with the Heartland group for over 15 years. He is passionate about reverse mortgages and the difference it can make to the lives of seniors.

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