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.
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Heartland Standard Reverse Mortgage
- Interest rate
- 9.75 % p.a.
- Comparison rate
- 9.78 % p.a.
- Minimum Deposit
- 50 %
Our verdict
Unlock the equity in your home to finance your retirement.
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.
Before taking out a reverse mortgage, it's important to seek independent financial advice on your retirement objectives and needs.
Pros
-
Lump sum option
-
No application or ongoing fees
Cons
-
Settlement fee of $495
-
Discharge fee of $395
Details
Product details
| Product Name | Heartland Standard Reverse Mortgage |
| Interest Rate Type | variable rate |
| Repayment Type | Principal & Interest Interest Only |
| Comp. Rate | 9.78% |
| Minimum Loan Amount | $5,000 |
| Maximum Loan Amount | N/A |
| Maximum LVR | 50% |
| Loan Redraw Facility | Yes |
| Offset Account | No |
| Split Loan Facility | No |
| Fixed Interest Option | No |
| Loan Portable | Yes |
| Extra Repayments | Yes |
| Available as equity loan/line of credit | Yes |
Fees
| Application Fee | $0 |
| Lender's Legal Fee | $0 |
| Valuation Fee | $350 |
| Settlement Fee | $595 |
| Discharge Fee | $495 |
Pros & Cons
| Pros and Cons | Pros
Cons
|
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.
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Richard Finder
Editor
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Richard Whitten Finder
November 06, 2023
It’s currently 9.25%
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Moni Green
November 02, 2023
What is your reverse mortgage percentage rate?