Heritage Bank Reverse Mortgage home loan

You worked hard to acquire your assets, now you can take advantage of your home’s equity with a Heritage Bank Reverse Mortgage Home Loan.

As a homeowner, you can take advantage of a Heartland Reverse Mortgage from Heartland Seniors Finance to use the equity in your home to access finance. This loan is available for senior citizens who are 60 years of age and older.

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This product is no longer available. Information on this page is not up to date and may not reflect accurate product information. You can find Heritage 's current mortgage offers here.

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About this loan

What are the features and benefits of the Heritage Bank Reverse Mortgage Home Loan?

  • Borrowing limit. The borrowing limit will depend on your age and you will be able to borrow a percentage of your home's value. This begins at 15% and goes up to 45%. The minimum age is 60 years, and the borrowing limit for this age is 15%. This increases 1% each year until the borrower reaches 90-years-old and is able to borrow of their property.
  • Repayment options. This loan gives you various payment options, including the option to make lump sum repayments. Regular repayments can be made annually or quarterly over a period of five to ten years. You can use a cash reserve component or a combination of all these repayment options to clear your home loan.
  • Availability. This loan is only available to senior citizens. Borrowers must be aged 60 years or older to apply.

What fees and charges come with this loan?

Repaying your loan early will not cost you a thing. There are no early repayment fees with this provision, however, below are some of the fees that are charged with this loan.

  • Application fee . This fee is charged upon application.
  • Valuation fee . This is charged for properties that are valued below $2 million, however, is waived if the loan proceeds to settlement. If the property is valued above $2 million you will be quoted a fee when you apply.
  • Settlement fee . This is for the setup and organisation of the loan accounts.
  • Discharge fee . This is charged upon the closure of the home loan accounts.

How to apply

You can qualify for a Heritage Bank Reverse Mortgage Home Loan if you are:

  • A senior citizen: Reverse mortgage home loans are only eligible for senior citizens aged 60 years and above. The loan is facilitated by Heartland Seniors Finance.
  • An Australian citizen: You must be an Australian citizen or resident to be eligible for this loan.

Not all properties are eligible for refinancing. Below is the property criteria for this loan.

  • Mortgage free: Your property must be mortgage-free in order to be eligible for this loan. Heartland Seniors Finance does not offer loans to leasehold properties.
  • Property must be in good condition: Your property must be in good condition to be considered for refinancing. You also must reside in the house for it to qualify.

You can apply for a Heritage Bank Reverse Mortgage Home Loan online. Click on 'Go to Site' to begin your application process.

Heritage Bank Reverse Mortgage Home Loan offers a way to use your home as a cash asset. Compare the reverse mortgage loans available in the market while considering this product.


Review by

Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

Properties are often the largest investment we have and so are an option to use for further financing. With a reverse mortgage loan, you can use your house as a cash asset and not have to lose its ownership. Some of the things you might want to consider with the Heritage Bank Reverse Mortgage Loan are the purposes you can use it for. In this case you can use it for general purposes such as education expenses, buying a new car, paying your credit card debt, taking an overseas holiday or even renovating your home.

Heritage Bank offers a diverse borrowing limit based on your age and you get a percentage of the property’s value, also based on your age. The older you are, the more you can take advantage of.

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