A benefit in getting a Heartland Reverse Mortgage is that it gives you the freedom to update things which truly make a difference to your everyday life, like a car.
Using your reverse mortgage to release equity to purchase a new car fits within our worthwhile purposes criteria. We’ve done this as we see the value a new car can provide for our customers like improved safety, comfort and reliability.
More than 20% of our current customers use a Heartland Reverse Mortgage to replace or repair their car. Many of them do so as it allows them to purchase a large asset without exhausting their savings or taking out a loan with a high interest rate.
Upgrade to a more reliable car with a Heartland Reverse Mortgage
Almost 85% of Australians aged 65 and over own their home and, for most, it is their most valuable asset.
With a Heartland Reverse Mortgage, you may be able to access a portion of this wealth to purchase a new car or pay for needed repairs and maintenance to your current vehicle.
One of the benefits of using a reverse mortgage as a car loan is that regular loan repayments are not required. The interest is calculated on the balance outstanding and added monthly to your loan.
Voluntary repayments can be made at any time if you choose, which reduces the balance and interest charged. At the end of the term of your loan, when you move permanently from your home, the total interest charged, together with the amounts drawn, will be payable.
The absence of mandatory loan repayments can reduce stress and free up cash flow, giving you the peace of mind to live a more comfortable retirement.
What our customers have to say
“It provided us with great relief when we found ourselves with no super left and needed to tidy up our finances.”
“It’s helped us to obtain a more enjoyable lifestyle.”
“Thank you for your continued help and support. Always just a phone call away.”
Benefits of using a reverse mortgage to upgrade your car
Upgrade your safety and comfort
Purchase a new car with improved safety ratings and fuel economy.
No need to sell your home
Fund your transport requirements, while still retaining ownership of your home.
No regular repayments required
There is no requirement to make any repayments until the end of the loan, however you are free to do so at any time.