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[Video] Busting Reverse Mortgage Myths with Heartland

23 August 2021

Heartland recognises the trust customers place in us when taking out a reverse mortgage, and we take this duty of care seriously. We’ve developed a thorough application process and our loans include a number of protections so that you can feel confident in taking out a reverse mortgage with us.

However, some misconceptions still persist around reverse mortgages, which we discuss in our latest myth busting animation video. Watch it here:

[TRANSCRIPT]

Busting reverse mortgage myths with Heartland

Retirement is not what it used to be. With many on a limited income, and the cost of living continuing to rise, it’s no surprise that reverse mortgages are becoming a popular way to help people live a more comfortable retirement, free from financial stress.

BUT, there are still a few misconceptions that exist around reverse mortgages. Let’s talk about them.

Myth 1 – You no longer own your home

With a Heartland Reverse Mortgage, you continue to own 100% of your home. It’s like a standard home loan but designed specifically for the needs of people over 60. What’s more, with Heartland’s Lifetime Occupancy promise, you can live in your home for as long as you choose.

Myth 2 – You will leave debt to your children

Not with our No Negative Equity Guarantee. This means that the amount required to repay your loan will never exceed the sale value of your home.

Myth 3 – You have to make regular loan repayments

With Heartland’s Loan Repayment Promise there is no requirement to make regular repayments while living in your home but you are free to do so at anytime. The interest is added to the loan balance and the total is only due to be repaid when you leave your home or it is sold.

What’s more, Heartland takes our duty of care very seriously. Independent legal advice is mandatory, family discussion is encouraged, financial advice recommended, and we provide loan projections for the equity in your home. We also offer a 30-day cooling off period, an equity protection option, and you can even use your reverse mortgage to consolidate debt or buy a house.

Since 2004, Heartland is proud to have helped over 40,000 people in Australia and New Zealand retire comfortably while still owning and occupying their homes.

Call us or visit our website to find out how Heartland can help you live a more comfortable retirement.

To find out more, request your free Reverse Mortgage Guide.

Information provided is accurate as of 23 August 2021 and may change from time to time.