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.
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.