We know that you’ll likely have a few more questions about Reverse Mortgages before you get started, so we’ve put together answers to these frequently asked questions.
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.
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.
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*|
Although the Heartland Reverse Mortgage is designed to last for as long as you are able to remain in your home, you may repay all or part of your Heartland Reverse Mortgage at any time without penalty, providing you with the flexibility to manage your finances in the way that suits you best.
As long as the Nominated Residents of the home meet the age criteria, and all residents are recorded on the loan, you can still apply for a Heartland Reverse Mortgage providing all the owners agree to sign the application form and legal documents. Terms and conditions apply.
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