Heartland Seniors Finance Standard Reverse Mortgage

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Unlock the equity in your home to finance your retirement.

If you're over the age of 60, a reverse mortgage from Heartland Seniors Finance could help you fund your retirement by using the equity in your family home.

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Expert review

Richard Whitten

Review by


Richard Whitten is a senior writer at Finder covering home loans and property. He helps everyone understand the ins and outs of mortgages so they can make smarter property decisions. He has written for Yahoo Finance, Money Magazine, Homely, and for multiple banks and lenders. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea. Richard has a Bachelor of Education, a Graduate Certificate in Communication and is currently studying a Certificate IV in Finance and Mortgage Broking.

Expert review

A reverse mortgage works by offering you funds based on the equity you've built up in your home. This product offers you either a line of credit or a set regular income.

Unlike traditional mortgage products, you won't have to make regular repayments. Instead, interest is calculated and added to the original loan amount, then the total amount is due when the last customer permanently moves from their home. This could be due to passing away, moving into aged care or selling the home and downsizing.

About this loan

What are the features and benefits of the Heartland Seniors Finance Standard Reverse Mortgage?

  • Loan amount and loan to value ratio. The Heartland Seniors Finance Standard Reverse Mortgage carries a minimum borrowing amount of $5,000 There is no maximum borrowing amount. The maximum loan to value ratio is 45% of the equity in your home.
  • Eligibility. You must be at least 60 years of age to qualify for a reverse mortgage through Heartland Senior Finance.
  • Repayment flexibility. While a reverse mortgage does not require you to make regular repayments, the Heartland Seniors Finance Standard Reverse Mortgage allows unlimited optional repayments.
  • Payment type. You can choose to receive your payments as either a line of credit to access as you need it or a regular fixed income.

What fees and charges come with this loan?

  • Valuation fee: $350. This fee is waived for properties valued under $2 million.
  • Settlement fee: $495. This one-time fee covers the administrative costs associated with funding your home loan.
  • Discharge fee: $395. This fee is charged when the loan account is closed after you've repaid your reverse mortgage.

How to apply

If you've done the research, compared reverse mortgages and think the Heartland Seniors Finance Standard Reverse Mortgage is the right product for you, click the green button above. You'll be directed to the Heartland Seniors Finance website, where you'll be guided through your application.

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