Heartland Seniors Finance Secondary Property Reverse Mortgage

Last updated:  

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 Seniors Finance Secondary Property Reverse Mortgage.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Expert review

Adam Smith

Review by


Adam Smith was the home loans editor at Finder.

Expert review

A reverse mortgage offers you funds based on the equity in your home. These funds can be disbursed either as a line of credit or a set regular income.

Instead of making regular repayments, the Heartland Seniors Finance 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 Seniors Finance Secondary Property Reverse Mortgage?

  • Loan amount and loan to value ratio. The Heartland Seniors Finance 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 Seniors Finance, you must be 60 years of age or older.
  • Repayment flexibility. Though you're not required to make regular repayments, the Heartland Seniors Finance 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 Seniors Finance 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 Seniors Finance Secondary Property Reverse Mortgage suits your needs, click the green button above. You'll be directed to the Heartland Seniors Finance website, where you'll be guided through your application. Remember, you'll need help from a solicitor to review your reverse mortgage agreement.

Home Loan Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up $4,000 cashback and borrow up to 90% of the property's value. (Terms, conditions & exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)

Get a competitive variable interest rate with no application fee or ongoing fees.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site