Heartland

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Heartland

Founded: 2004

Lender Type: Reverse Mortgage Lender

Owned by: Heartland Bank of New Zealand

Heartland Seniors Finance is purely a specialist reverse mortgage lender for borrowers aged 60 and above. With a focus on serving this specific demographic, they excel at understanding the unique needs of seniors who are interested in releasing some of the equity they’ve built up in their home to fund an enjoyable retirement lifestyle or to cover costs. Money Magazine named this non-bank lender as having the Best Reverse Mortgage Product for seven consecutive years. Heartland is also the proud recipient of CANSTAR’s 2017 Award for Provider of the Year – Reverse Mortgages.

Key Benefits

Variety of reverse mortgage options
Flexible features
Minimal income requirements

Drawbacks

Limited loan amounts
High fees
Interest rates not as competitive as other lenders

Home Loan Products

Home Loans Description

Reverse Mortgage Regular Advance

To help seniors living on a limited income, Heartland’s Regular Advance loan product allows you to draw down funds monthly, quarterly or annually to help pay for general expenses while in retirement. This money can act as a sort of extra income so you can still live comfortably even if you don’t have enough in superannuation. You only have to pay interest on the funds you’ve received.

Reverse Mortgage to Pay Off Debt

Heartland also offers a reverse mortgage product to help seniors pay off credit card or other high-interest debts. You can receive the money as a lump sum or set up a cash reverse facility so you have the freedom to access funds when you need to in the future to pay for expenses like a new car, home repairs, or even a vacation. You’ll only need minimal income to qualify, such as superannuation or a government aged pension.

Aged Care Reverse Mortgage

With a Heartland Aged Care Reverse Mortgage, you can cover the often high costs of aged care accommodation without having to sell your home or overburden your family. You may be able to release as much as 45% of your home’s value, depending on your age. This means you’ll still retain ownership of your home.

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