Heartland Standard Reverse Mortgage

Unlock the equity in your home to finance your retirement.

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

No reviews yet. Write a review
Avatar

By

Richard Whitten

Updated

Fact checked

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!

Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.

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 Standard Reverse Mortgage?

  • Loan amount and loan to value ratio. The Heartland Standard Reverse Mortgage carries a minimum borrowing amount of $5,000 There is no maximum borrowing amount. The maximum loan to value ratio is 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 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: $595. This one-time fee covers the administrative costs associated with funding your home loan.
  • Discharge fee: $495. 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 Standard Reverse Mortgage is the right product for you, click the green button above. You'll be directed to the Heartland Reverse Mortgages website, where you'll be guided through your application.

Ask a question

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 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

2 Comments

    Default Gravatar
    Moni
    November 2, 2023

    What is your reverse mortgage percentage rate?

    Reply
      AvatarFinder
      Richard
      November 6, 2023

      It’s currently 9.25%

      Reply
Go to site