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What can I do with my loan?

A Heartland Reverse Mortgage is designed to give you access to the finances you need to make life easier, more comfortable and enjoyable in retirement. You may choose to use your reverse mortgage for:

Home Improvements

Day to day expenses

Travel and Holidays

Medical and Healthcare

Car purchase

Debt consolidation

Heartland Bank Reverse Mortgage

Home improvements

With the cost of living on the rise, it can be hard to cover necessities, let alone make needed repairs, improvements or upgrades to your home.

Sometimes, the longer home repairs and maintenance are delayed, the higher the possibility of permanent damage to the property. This can, in turn, reduce the value of your home. There might also be important health and medical reasons that you need to make some changes to your home. These changes could include:

  • Kitchen redesign
  • Bathroom renovation
  • Roof repairs
  • A stair lift

Improve your property with a reverse mortgage loan for home repairs

A reverse mortgage can be a cost-effective and flexible option for paying for these important home repairs and improvements, with a lower interest rate than what is often charged on a credit card or personal loan and flexibility around how you access the funds.

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 (and any fees charged), will be payable.

This provides peace of mind, knowing you have access to equity in your home to make improvements to it without having to sell.

Day to day expenses

As a senior on a limited income, you could be finding it difficult to just make ends meet, let alone live a comfortable retirement.

Many Kiwi seniors have rising cost of living pressures and bill stress. You may worry about switching the heater on in winter, and finding the money to pay for medical expenses or a car service can be tough. One option to help ease the squeeze is releasing home equity with a reverse mortgage.

Use a Heartland Reverse Mortgage for regular income and cash flow

A Heartland Reverse Mortgage could help you to take the stress out of everyday bills and provide you with a regular income stream supplement through our regular monthly advance.

This additional income may make budgeting for the day to day cost of living a little easier - while also potentially allowing you to enjoy more of the opportunities that your senior years offer.

Travel and holidays

After years of working, you’ve now got time to travel and plan the trips you’ve always dreamed of. But finding the cash you need for holidays can be difficult, particularly when competing with more immediate priorities such as food, utilities, and other everyday bills.

While trying to cover the daily cost of living, you could find yourself missing out on the travel you deserve, whether it’s just a modest trip to see the grandkids or the ‘bucket list’ adventure of a lifetime.

Travel or visit your relatives with a Heartland Reverse Mortgage

Whether it’s a dream cruise, visiting overseas family, or taking a tour through Europe, you may not have to rely on retirement savings or a high interest credit card or personal loan. A reverse mortgage from Heartland Bank could help you see the sights. Now you might be able to start planning your dream holiday with confidence, knowing that a Heartland Reverse Mortgage could give you access to funds for your next holiday

Medical & Healthcare

Quality of life is important, so having access to good healthcare, and all the necessities that ensure your well-being, is a priority. However they don’t come without cost. Keeping up with necessary medical expenses, prescriptions, home care, or items such as hearing aids, eyeglasses or surgeries can put pressure on your budget.

Cover necessary medical and healthcare costs with a Heartland Reverse Mortgage

Having the ability to access the value in your home through a reverse mortgage may give you confidence and peace of mind, knowing that it could help you to cover important healthcare costs. You are able to choose to receive funds as a lump sum payment for things like surgeries, have funds set aside for future needs in an express top up facility, or as a monthly payment to help cover regular costs related to your healthcare.

Car purchase

Whether it’s time to treat yourself to a new car, or you need a more comfortable, reliable and cost-efficient vehicle, it’s likely a decision that you’ve spent a bit of time on.

Understandably, Kiwi seniors do not want to exhaust what savings they might have by using cash for a large asset purchase, but many can find it difficult to secure a car loan from the banks to update an old vehicle.

The result is that many seniors continue to drive older model vehicles that are more difficult to operate, and have lower safety ratings, than a newer car.

Upgrade to a new car with a Heartland Reverse Mortgage

A reverse mortgage from Heartland Bank could allow you to access the wealth you have in your home to purchase a new car or fund needed repairs and maintenance to your vehicle.

The absence of regular loan repayments can help reduce stress and free up cash flow, to help give you the peace of mind to live a more comfortable retirement, plus with the added benefit of a new car to get around in.

Debt consolidation

Your senior years should be spent doing things that bring you the most enjoyment, with a lifestyle you love and access to the necessities that make life comfortable for you. No one wants to spend their retirement years worrying about debt, and keeping up with repayments, but it is a sad fact that many with a limited income do.

Consolidate your debts with a Heartland Reverse Mortgage

With an interest rate that is often lower than credit cards or personal loans, a reverse mortgage from Heartland Bank could offer a way for you to consolidate and pay off debts, without having to sell your home.

The removal of regular loan repayment obligations can free up cash flow and relieve stress, providing the peace of mind to live a better retirement.

Still have questions?

If you’d like more information, or would like to talk through the application process, our New Zealand based team are available to answer any questions you have about reverse mortgages, and how you can get started.

call free: 0800 488 740

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