Flexible features

14 March 2018

One of the great features of a Heartland reverse mortgage is the flexibility it offers. Multiple drawdown options and the ability  to repay, in full or in part, at any time without penalty, are key features which contribute to Heartland’s product winning multiple awards.

This flexibility sets Heartland’s reverse mortgage apart from other options such as downsizing, a retirement village or releasing equity through reversion (selling a portion of your home). All of these can be good options to consider based on your own requirements and desires; however, a reverse mortgage offers greater flexibility.

For example, imagine a couple takes out a reverse mortgage because they like their home and they have friends across the road. Six months later, the property is increasingly challenging to maintain and the friends are looking at moving to a retirement village. The couple has the ability to sell the property and repay the reverse mortgage, with no penalty, and move into a retirement village or downsize. It is very hard to upsize once you have downsized, or move out of a retirement village, without other means.

While we have many customers who want to stay in their home for the rest of their life, we also have an increasing number who use a reverse mortgage as a transition before downsizing, to get a few more years to enjoy their home before deciding to move.

RELATED POST: Reverse Mortgage vs. downsizing – which is best?


Heartland’s Flexibility 

  • Multiple Drawdown Options
    • Upfront.
    • Cash Reserve (‘line of credit’) – for future needs and unforeseen expenditure.
    • Regular Advance – to complement retirement income.
  • Repayment
    • Partial repayments allowed at any time.
    • In full at any time without penalty
  • Protection*
    • Lifetime occupancy.
    • Never owe more than the net sales proceeds of property.
    • No repayment required while you live in your home.


If you would like more information on how reverse mortgage could help you or the people that you know, please feel free to request further information here, or contact us on 1300 889 338 or [email protected].


*Subject to complying with the terms and conditions of the loan. 


Information provided is accurate as at 14 March 2018 and may change from time to time