Heartland Secondary Property Reverse Mortgage
If you own an investment property or holiday home, you could be able to tap into your equity to fund your retirement.
If you're over the age of 60, your holiday home or investment property could help provide you much-needed retirement funds through the Heartland Reverse Mortgages Secondary Property Reverse Mortgage.
Adam Smith was the home loans editor at Finder.
Instead of making regular repayments, the Heartland Secondary Property Reverse Mortgage calculates your interest and adds it to your original loan amount. The loan is then repaid when the property is sold or the last reverse mortgage customer passes away.
About this loan
What are the features and benefits of the Heartland Secondary Property Reverse Mortgage?
- Loan amount and loan to value ratio. The Heartland Secondary Property Reverse Mortgage carries a minimum borrowing amount of $5,000 and no maximum borrowing amount. You can borrow up to 33.75% of the equity in your home.
- Eligibility. To qualify for a reverse mortgage through Heartland Reverse Mortgages, you must be 60 years of age or older.
- Repayment flexibility. Though you're not required to make regular repayments, the Heartland Secondary Property Reverse Mortgage allows you to make unlimited optional repayments.
- Security type. You can use either a holiday home or investment property as security for the loan.
- Payment type. Your payments can be disbursed either as a line of credit or a regular set income. You can also access lump sum repayments. The minimum amount is $2,500 and there's a $60 fee.
What fees and charges come with this loan?
- Valuation fee: $350. Heartland Reverse Mortgages waives this fee for properties valued under $2 million.
- Settlement fee: $495. This fee covers the administrative costs associated with funding your reverse mortgage.
- Discharge fee:$395. This fee is charged when you repay your reverse mortgage.
How to apply
If you've sought financial advice, compared your reverse mortgage options and think the Heartland Secondary Property Reverse Mortgage suits your needs, click the green button above. You'll be directed to the Heartland Reverse Mortgages website, where you'll be guided through your application. Remember, you'll need help from a solicitor to review your reverse mortgage agreement.