Reverse mortgages are changing lives – customer survey 2021
08 July 2021
Heartland is proud to have helped over 21,000 Australians live a more comfortable retirement with our reverse mortgage. As part of our dedication to helping seniors, Heartland conducts a customer survey every 18 months to further improve our products, processes, and customer service.
Customers confirm reverse mortgages help with a comfortable retirement
Results from our most recent survey showed that:
- 96% of respondents agree that their Heartland Reverse Mortgage has made their retirement more comfortable.
- 95% have said they would recommend taking out a reverse mortgage to friends or family.
- 96% would recommend Heartland as a company.
Respondents were also asked what is most important to them in retirement, along with the most important benefit of a reverse mortgage. The top two responses for both questions were ‘continuing to own and live in my own home’ and ‘peace of mind from financial stress’. This shows how well the Heartland Reverse Mortgage’s protections align with the needs of people in retirement.
As one of our most popular loan purposes, it was no surprise that upgrading the family home was identified as an important part of retirement, with our respondents selecting ‘home improvements for comfort’ (37%), and ‘essential home repairs or modification’ (27%) as the top loan purposes for taking out a reverse mortgage.
When asking our respondents why they did (or would) choose to take out a reverse mortgage instead of downsizing, the most popular reason was that a reverse mortgage will meet immediate financial needs (45%), followed by wanting to remain in the same community (35%) and benefiting from any potential increase in property values (34%).
Those who take out a reverse mortgage often require funds quickly and may not have the capacity to do all that is required for downsizing. Furthermore, a reverse mortgage could provide the extra funds you may need to bring your house up to scratch for the property market, so you can get maximum value when do you decide to sell on your own terms.
Here is some of the customer feedback we received from the question [Do you have any other comments or feedback?]:
“The reverse mortgage has really helped us a lot and reduced financial stress. We continue to own and live in our own home, and we don’t have to worry about moving out.”
“The peace of mind on knowing my council rates and water rates are paid one less worry.”
“I’m just so grateful for this facility. Life would have been very difficult for me otherwise.”
“Best thing we ever did, our home improvements have increased our duplex value and we are so happy with Heartland.”
“The reverse mortgage was a lifesaver for my wife and myself.”
“Appreciated the informative and friendly staff at Heartland when deciding to take out our loan.”
“Our reverse mortgage allows us to repay our bills and expenses on time. We are not waiting for pension day anymore.”
“Taking out a reverse mortgage with Heartland has been the best decision of my life, it has given me such peace of mind now that I’m in my 70’s. Thank you.”
“Living on a part pension, the reverse mortgage enabled me to pay out an existing loan and finish driveway & landscaping on my new house.”
Information provided is accurate as of 8 July 2021 and may change from time to time.