The golden years are looking bright

A reverse mortgage gives you the opportunity to live life on your terms. Especially designed for those aged 60+, it could allow you to release the equity in your home to enjoy the financial flexibility, independence and a lifestyle you love.

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call free: 0800 488 740

What are some of the benefits?

If you’re a homeowner aged 60 or older, you could have the option to turn part of the equity in your home into cash that can be used to live a better retirement.

  • Maintain ownership of your home

    You remain the registered owner of the property, and you can continue to enjoy living in your own home for as long as you choose, with no need to sell or downsize. This means you could also benefit from any increases in home value.*

  • No regular repayments required

    There is no need for regular loan repayments. Interest is calculated on the balance outstanding and added to your loan monthly. It is repaid when you sell your property, move out, or pass away. You are also able to repay your reverse mortgage partially, or in full, at any time without paying penalty charges.

  • Flexible finances

    The funds from your home can be used for almost anything you like to make your lifestyle more enjoyable, or for unexpected expenses that arise.

  • Designed to last as long as you need

    Importantly, you continue to own and live in your home for as long as you wish, continuing to enjoy the benefits of your community, social network, and family memories.

* There is no assurance that property values will increase over time, and property values may also decline.

How does a reverse mortgage work?

I want to apply, what should I do next?

Talk to a specialist

Get in touch with a Heartland Reverse Mortgage Specialist to find out more about whether it’s the right option for you. If you prefer, one of our team can visit you in your home.

Start your application

To be eligible, you’ll need to meet certain criteria, including your age, and the location and value of your property. We can take you through this application process while explaining what could work best for you. There’s no commitment, and you can change your mind at any time.

Get a valuation

The amount you can borrow does depend on the value of your home. After you’ve completed your application, we’ll request a valuation to be undertaken on your property to determine its current value and how much you will be eligible for.

Your approval

Once your valuation is completed, we will review the report and your application. Provided this meets our criteria we will make you a loan offer.

Your settlement

Heartland will then send your settlement documents to your solicitor, who will need to provide you with necessary independent legal advice. Sign and return your documents, and we’ll have your funds to your solicitor the next business day after all requirements have been received.

Get started online now

Are you ready to apply? We’ve put together a few simple questions that will help us know whether a reverse mortgage is going to be right for you. Once you’ve submitted your answers, a specialist will get in touch with you directly.

Step 1

Tell us a bit about yourself.

Step 2

Let us know the number of people you are applying for.

Step 3

Tell us the amount you require and what you’d like to use your loan for.

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What can I do with my loan?

You can use your reverse mortgage for almost any purpose that may make life easier, more comfortable, or more enjoyable in retirement. Below are some examples of what our customers have used their reverse mortgages for.

Day to day expenses

A Heartland reverse mortgage could provide a regular income stream supplement. Paid monthly for up to 10 years, this could help you gain freedom from stress and comfortably cover all the necessities, while also enjoying more of the opportunities retirement affords.

Travel & Holidays

It could help you plan deserved getaways, without feeling restrained by budget. Create memories, tick off those dream destinations from your bucket list or visit loved ones overseas.

Home Improvements

A Heartland reverse mortgage could allow you to continue to live in the place you call home, while making improvements that could not only add value, but ensure your comfort, safety and enjoyment for the years ahead.

Debt Consolidation

With an interest rate that is often lower than credit cards or personal loans, a Heartland reverse mortgage could allow you to access equity in your home to pay off higher-interest debt and give yourself the freedom and confidence to make plans for the future, so you can enjoy more of what life has to offer.

What else I can do with my loan? More loan purposes

We are Heartland Bank

As New Zealand’s largest provider of reverse mortgages, our aim is to give Kiwis the option to enjoy a comfortable life in their later years, with peace of mind around both their finances, and their lifestyle.

15 000

customers helped by Heartland Seniors Finance

100 %

New Zealand operated and managed

Trusted by Consumer NZ

What are other people saying about our reverse mortgages?

Over 15,000 Kiwis aged 60+ have used the value of their home to access cash for a well-earned and comfortable lifestyle. See how a reverse mortgage is working for them.

Get your free reverse mortgage info pack

Fill in your details and we will send you a straightforward, information-rich guide to reverse mortgages.

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Your questions, answered

A reverse mortgage is a loan that has been designed for the needs of seniors. It allows people aged 60 and over to release cash from the value of their home to help fund their retirement. No regular repayments are required – the debt is repaid from the future sale of the property.

Importantly, you continue to own and live in your home for as long as you wish, continuing to enjoy the benefits of your community, social network, and family memories.
Your home must be your principal residence, built using conventional construction and in good repair. It must also meet our minimum property value criteria. Some locations and property types will have restrictions and, in some cases, may not qualify for a Heartland Reverse Mortgage.

The property should be mortgage free. If there is a small mortgage outstanding it must be repaid when the Heartland Reverse Mortgage begins - this can be done by using part of your loan.

As security for your loan, Heartland Bank must be the first and only mortgage on your property. This means you will be unable to take out another mortgage or charge on your home from a different company.
Heartland encourages you to only borrow what you need. We provide three flexible options to help you access the equity in your home when required, which can be used in combination.

When you set up your Heartland Reverse Mortgage, simply tell us how much you would like to access initially, and then how much you may need to borrow in the future. We will then make funds available to you now, and can establish an Express Top Up facility or monthly payment to manage your future requirements.

Our Express Top Up facility is designed to make it quick and easy to draw further funds, as and when you require them.

You can also complement your retirement income with a monthly advance. This can be taken for up to 10 years, is paid monthly, and helps many of our customers live a more comfortable retirement.

The following table shows the maximum percentage of your home’s value you can borrow at various ages. The percentage is based on the age of the youngest borrower minus 45, and the ages below are shown as examples.

Age of youngest borrower Maximum % of home's value available*
60 15%
65 20%
70 25%
75 30%
80 35%
85 40%
* Subject to lending criteria, property location and change.
Yes, you continue to own and live in your home for as long as you wish, benefiting from any potential increase in property values*. The total loan amount, including accumulated interest and any fees charged, is repayable when you move permanently from your home; this could occur when you sell your property, move into long-term care or pass away.

* There is no assurance that property values will increase over time, and property values may also decline.
Once you have a Heartland Reverse Mortgage you are not able to rent out your home full time, or provide a tenant with a long term lease. Your home should remain your place of residence.

Want to know more?

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