Anyone aged 60 or over who owns their own home can apply for a Heartland Reverse mortgage.
Today, many seniors are finding that a Reverse Mortgage is giving them new freedom to unlock their accumulated wealth. What's more, unlike some other loans you don't have to sell your home and your title remains in your name.
Unlock the equity in your home and use your funds for whatever you choose. For example:
At Greater Bank, we’ve partnered with Heartland Reverse Mortgages to provide you with a reverse mortgage loan option.
A reverse mortgage allows you to release the equity in your home, and use the funds to live a more comfortable retirement, without having to sell. You can opt to take the loan as a lump sum, a regular income stream, a cash reserve or a combination of these options that suits you.
While no loan repayment servicing is required, credit providers are required by law to lend you money responsibly so not everyone will be able to obtain this type of loan. The credit provider must ensure you can meet the loan conditions (such as rates, insurance, body corporate costs, and home maintenance).
Interest is charged like any other loan, except you don't have to make repayments while you live in your home for as long as you choose - the interest compounds monthly and is added to your loan balance. You remain the owner of your house and can stay in it for as long as you want.
You must repay the loan in full (including interest and fees) when you sell your home or pass away, move into long term care (in most cases), or move out of the property for another reason.
Our friendly staff are happy to help with all your banking needs. Find a location near you across NSW and South East QLD.
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IMPORTANT NOTICE: This information may change from time to time. This information has been prepared without taking account of the objectives, financial situation or needs of any particular individual. For this reason, any individual should, before acting on this information, consider the appropriateness of the information having regard to their individual objectives, financial situation and needs and, if necessary, seek appropriate professional, financial and taxation advice. Applications are subject to our normal loan approval.
Full terms and conditions will be included in any loan offer. Fees and charges are payable. Credit provided by ASF Custodians Pty Ltd. Please note the information set out in this website may change from time to time. Australian Credit Licence Numbers: Australian Seniors Finance Pty Ltd - 386760 (ACN 108 875 636) / ASF Custodians Pty Ltd - 386781 (ACN 106 822 780).
^Provided you observe the terms and conditions of the Heartland Reverse Mortgage, you will not owe more than the net sale proceeds of your home and you can stay in your home for as long as you choose.
Greater Bank, part of Newcastle Greater Mutual Group Ltd ABN 96 087 651 992 AFSL/Australian credit licence no. 238273 has a referral agreement with Heartland Reverse Mortgages. We do not provide any advice based on any consideration of your objectives, financial situation or needs. Before making a decision about a reverse mortgage, please consider the relevant Product key fact sheets. If you enter into a reverse mortgage with Heartland Reverse Mortgages, Greater Bank will receive a commission. Ask us for more information before we provide you with services.
You can also view the relevant Target Market Determination here.
*Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria.
Greater Bank, part of Newcastle Greater Mutual Group Ltd ACN 087 651 992 Australian Financial Services Licence/Australian credit licence 238273