Reverse Mortgages

Heritage gives people over 60 the freedom to use the equity in their home to enjoy the things they want to do. If you own your home, a Heartland Reverse Mortgage (from Heartland Seniors Finance) can turn your home into a cash asset. If you are 60 or over, a Heartland Reverse Mortgage lets you borrow up to 45% of your home's value. Unlike some other reverse mortgage loans you don't have to sell your home - the title remains in your name.

You can use the Reverse Mortgage Loan to fund a variety of things including:

  • Home renovations and home maintenance
  • Health care
  • Pay off credit card bills
  • A new car
  • Education costs for grandchildren
  • Pay out an existing mortgage
  • An overseas holiday
  • Unexpected emergencies

Best of all, unlike standard loans, there are no regular repayments of either interest or capital during the course of the loan. This makes it a great way to pay out your existing mortgage or credit card debt.

In fact, unless you decide to voluntarily pay out the loan, there is nothing to pay until you sell your home, or after your death (or the death of your surviving nominated partner). Naturally, once the loan and interest have been repaid, the balance belongs to you or your beneficiaries. Learn more about the Heartland Reverse Mortgage.

Borrowing Limit

The amount you can borrow depends on your age at the time you take out your loan. The amount you can borrow begins at 15% of your property value at age 60, increasing by 1% for each year of age up to 90.

Select your age:
You may be able to borrow up to 15% of the value of your home.

You can choose to take out an Heartland Reverse Mortgage as a lump sum, regular payments or a combination of the two. A Cash Reserve facility is also available which could give you additional funds over a five year period after settlement. The Reserve amount is based on the difference between your maximum loan entitlement and the amount initially borrowed. Work out how much you can borrow using the Reverse Mortgage Calculator

The Heartland Reverse Mortgage is a reverse mortgage product issued by a member of the Heartland Seniors Finance group of companies. The Heartland group of companies is not related to Heritage Bank Ltd (Heritage). Heritage is only a promoter and distributor of the Heartland Reverse Mortgage. Applicants will not be entering into any agreement with Heritage.

Heritage has partnered with Heartland Seniors Finance to distribute the Heartland Reverse Mortgage. Heritage will receive a commission from Heartland in respect of any Reverse Mortgage made to a person introduced by it. This commission is paid by Heartland and is no additional cost to you. 

IMPORTANT NOTICE: This information may change from time to time. This information has been prepared without taking account of the objectives, financial situation or needs of any particular individual. For this reason, any individual should, before acting on this information, consider the appropriateness of the information having regard to their individual objectives, financial situation and needs and, if necessary, seek appropriate professional, financial and taxation advice. Applications are subject to our normal loan approval. Full terms and conditions will be included in any loan offer. Fees and charges are payable. Credit provided by ASF Custodians Pty Ltd or Seniors Finance Custodians Pty Ltd. Australian Credit Licence Numbers: Australian Seniors Finance Pty Ltd - 386760 (ACN 108 875 636) / ASF Custodians Pty Ltd - 386781 (ACN 106 822 780). Seniors Finance Pty Ltd - 469894 (ACN 603 141 779) / Seniors Finance Custodians Pty Ltd - 476140 (ACN 603 141 706).

* Home loan comparison rate based on a $150,000 loan over 25 years.  Fixed loan comparison rate applies only for loans with an LVR of 80% or less and a loan amount of $150,000 to $249,999.  WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Interest rates are on a per annum basis. Rates are correct as stated and subject to change without notice. Rates shown are for new loans and do not apply to switches or internal refinances.

Home Advantage Variable rates include discounts shown from the Standard Variable rate. Home Advantage Living Equity rates include discounts from the Living Equity rate. Discounts are based on total lending in the package. Discount Variable LVR rates are for new lending and include discounts from the Discount Variable Loan Rate.  Discounts are not available in conjunction with any other interest rate discount or special offer. All fixed rates are fixed for the period stated and revert to the variable rate applying at expiration of the fixed term. To approved applicants only. Conditions, criteria and fees apply.

Loan to Value Ratio (LVR) is the loan amount divided by the value of your security property (determined by Heritage Bank at assessment), multiplied by 100. Owner Occupied loans have a maximum LVR of 95%, Investment loans have a maximum LVR of 80% and Living Equity has a maximum LVR of 80%. Heritage is not accepting any new investment applications until further notice.

This advice has been prepared without taking into account your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation or needs.

Generate a personalised Key Fact Sheet based on your loan amount, term and repayments. This tool is provided to help you compare home loans from Heritage with other financial institutions.