Financial tools & assistance

At Heartland, we understand that taking out a reverse mortgage can be a big decision. Here are some financial tools that may help you in making a decision.


By taking charge of your money, whether you have a little or a lot, you could ease money stress and feel more secure and in control.

When taking out a reverse mortgage, it is important to determine the amount of funds you will require now and in the future.

Use ASIC's MoneySmart Reverse Mortgage Calculator to provide an illustration of the impact of your Heartland Reverse Mortgage on the equity in your home.

The reverse mortgage calculator helps you work out:

  • how much your debt will increase over time and what this means for the equity in your home
  • how changes in interest rates and house prices could affect the equity in your home

MoneySmart Calculator

Utility bills

If you are struggling to pay your utility bills, the following options could be available.

  • Contact your provider
    Many companies employ hardship officers who can help you with an instalment plan for your bills. They can also assist you in applying for emergency utility bill vouchers which can be used to meet minimum payments.
  • Apply for a rebate or voucher
    Rebates and vouchers can help you pay your utility bills. There are a variety of concessions available through the Department of Human Services, Telstra, and your State Government. Click here for more information.
  • Smooth out your bills
    Some utilities providers offer “bill smoothing” where you are able to make fortnightly or monthly payments towards future utility bills. Contact your provider to see if they offer this service and how to establish the payment process.

If you receive a Centrelink payment, you could use Centrepay to allocate a portion of your payments towards utility and other bills. Further information on Centrepay can be found here.

Heartland's Reverse Mortgage also has a regular advance option which could help supplement your income and assist with bills. This is a monthly, quarterly or annual payment over 5 or 10 years.

Bereavement payments

Losing your partner changes your life and, though money matters seem unimportant at the time, it’s important to take steps to help prepare for the future. Providing you meet the required criteria, bereavement services may be available through the Department of Human Services.

Dependent on your circumstances, this could include:

  • an allowance payable after your partner’s death;
  • a pension bonus bereavement payment;
  • a widow allowance; or
  • other payment and support/counselling services.

We recommend you contact Centrelink for any further advice you may require on 136 150.

Financial counselling

The Australian Securities and Investment Commission (ASIC) offer a free National Debt Hotline that is open from 9.30am to 4.30pm Monday to Friday. The contact number is 1800 007 007.

They also offer a free, confidential and independent financial counselling service. Financial counsellors can:

  • assist with budgeting and government entitlements;
  • negotiate with debtors on your behalf;
  • refer you to other specialist service providers; and
  • assist you with many other financial difficulties or disputes.

Government assistance

  • The Department of Human Services provides detailed information on the age pension, including calculators, and planning for your retirement. You can get started here, or contact them on their Older Australians helpline which is open from 9.30am to 4.30pm Monday to Friday on 132 300.
  • The Australian Government’s My Aged Care portal can give you access to services and information on the types of care available, eligibility, service providers, and more. You can visit their website,, or contact them on 1800 200 422. They are open 8:00am to 8:00pm Monday to Friday, and 10:00am to 2:00pm Saturday.

Heartland hardship procedures

If you are having difficulty meeting your loan obligations, please contact us. Once we understand your situation, we can try to help.

Every situation is different – this information has been prepared without taking into account your needs, objectives, or financial situation. If you are considering a reverse mortgage, we encourage you to understand how it may affect your personal circumstances – talk to friends and family, speak to professionals, and use the resources and tools Heartland has available. Please note the information set out in this website may change from time to time.

Have more questions?

If you would like to discuss the protections Heartland has in place or request an application pack, please don’t hesitate to contact our friendly team.