[VIDEO] The top 5 uses of our Reverse Mortgage
Did you know that since 2004, Heartland Seniors Finance has helped over 15,000 Australians release home equity to fund a more comfortable retirement?
If you’re over 60, you might have considered a reverse mortgage too. But have you ever wondered how other people are using reverse mortgages to change their life?
Let’s count down the top five most common purposes for reverse mortgage loans…
Number 5: A new car
Reverse mortgage borrowers use the loan funds to purchase a new vehicle, which could provide additional safety benefits.
Number 4: Travel
Heartland customers use the money from a reverse mortgage to take a well-earned holiday. This could be a bucket list adventure or a trip to see the grand kids. Where would you go?
Number 3: Extra income
A very popular purpose is to provide an additional source of cash-flow. Over a third of Heartland customers use the funds for additional ‘income’ in retirement. You can even draw a regular amount of your home equity each month.
Number 2: Debt consolidation
Almost half of borrowers use a reverse mortgage to repay an existing mortgage or consolidate existing debt. That’s right, a lot of people use the funds to pay out credit cards or old home loans – a great way to reduce financial stress.
Number 1: Home improvements
The most popular use for reverse mortgages is home improvements. Over 50%of Heartland customers use a reverse mortgage to renovate or repair their home, adding value and enhancing quality of life.
So there you have it – the top five most popular ways Australian seniors use a Heartland Reverse Mortgage.
If you’d like to find out more, you may find our free Information Pack a useful resource.
Information provided is accurate as at 21 January 2019 and may change from time to time.