Heartland Seniors Finance Reverse Mortgage
Heartland Seniors Finance is the winner of our 2018 Award for Provider of the Year – Reverse Mortgages. Heartland also received the award in 2017 and our 5-star rating for outstanding value in 2016. Read on to find out why Heartland is this year’s award winner.
Reverse mortgage products from Heartland Seniors Finance
Heartland’s reverse mortgage was the market-leading product for features. The loan has no ongoing fees and Heartland Seniors Finance was the only institution that offered protected equity (up to 50% of home value) and committed funding options (including lump sum funding and future funding guarantees). They offered potential customers an eight-hour approval turnaround – beating the average turnaround of 25 hours. Heartland also allowed a non-titled person (i.e. a partner who is not the lead person named in the loan) to remain living in the property even if the titled person has passed away.
A unique feature among the products rated in the 2018 Reverse Mortgages Award was the Heartland Seniors Finance equity protection option, where you could choose to protect a percentage of the eventual net sale proceeds of your home. This feature allows customers to ensure that when their loan is repaid, they (or their estate) are guaranteed to receive any chosen Equity Protection percentage.
Heartland Seniors Finance makes three promises to its customers:
- Lifetime Occupancy: Your home will remain the place you live in for as long as you choose.
- No Negative Equity Guarantee: The amount required to repay the loan will never exceed the sale proceeds of the property.
- Loan Repayment: There is no requirement to make any loan repayment until the end of the loan.
Source: Heartland Seniors Finance
Showing products in Canstar’s database with links to lenders’ websites. The display is sorted by the advertised interest rate (lowest to highest), then provider name (alphabetically).
Source: Canstar. Based on residential variable home loans available for a loan amount of $350,000 at 80% LVR, and available for Principal and Interest repayments.
*Comparison rate based on loan amount of $150,000. Read the Comparison Rate Warning.