Heartland announces A$250 million reverse mortgage funding facility
10 July 2019
Heartland Group Holdings Limited (NZX/ASX:HGH) (Heartland) is pleased to announce the completion of an A$250 million committed reverse mortgage funding facility. Heartland now has access to committed Australian reverse mortgage loan funding of A$850 million in aggregate.
The facility reflects an important stage in the evolution of Heartland’s Australian business. Following the establishment of an A$ medium-term note programme earlier this year, it provides additional diversification of funding and increases capacity to meet the growing demand being experienced for reverse mortgages in Australia.
The combination of favourable demographics, limited active originators and plans to raise product awareness through increased marketing activity, presents the opportunity for significant growth and a number of other funding options continue to be developed including additional warehouse facilities and long-term funding sourced offshore.
Heartland is Australia’s leading reverse mortgage provider with a market share of approximately 24%*. Its award winning product is focused on helping Australian seniors live a more comfortable retirement, and has helped over 18,000 seniors release more than A$1 billion of equity over 15 years.
*Based on APRA ADI Property Exposure statistics, plus Heartland Seniors Finance, as at 31 March 2019.
Information provided is accurate as at 10 July 2019 and may change from time to time.