Approximately 50% of our customers take out a reverse mortgage for home repairs, renovations and improvements.
We know you want to stay in your home for as long as possible, making it important to ensure your home is fit for purpose.
Customers who take out a reverse mortgage for home repairs use it to future proof their home to improve their overall wellbeing and protect the value of the property.
The longer home repairs and maintenance are delayed, the higher the risk of permanent damage to the property. This can, in turn, reduce the value of your home and quality of retirement.
In addition, there may be important health and medical reasons why certain home improvements are needed. These include:
- installing rails, bars and other safe guards to prevent falls
- rearranging the kitchen to enable easier, safer access
- repairing cracked pavement or concrete around the home to prevent falls
- installing a stair lift to aid mobility.
Improve your property with a reverse mortgage for home repairs
Finding the money for property related expenses can be difficult especially when you’ve got more immediate costs such as food, utilities and bills to worry about.
A reverse mortgage benefits seniors who are unable to qualify for a traditional mortgage or personal loan due to age and income. For those who do, repaying it from superannuation or the aged pension can add additional stress. That’s where Heartland can help.
Many of our customers have used a Heartland Reverse Mortgage to make improvements to their homes.
One of the benefits of a reverse mortgage is that regular loan payments 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 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.
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 for home repairs
Peace of mind
Have peace of mind knowing you have access to equity in your home without having to sell.
Flexible cash flow
Tell us how much you need to pay for home improvements as an initial advance, and then you may be able to set up a cash reserve facility, regular advances, or a combination for your future needs.
Add value to your property
You can use your money for any worthwhile purpose, including needed home repairs, improvements and upgrades – adding value to your home!