Your Retirement & life reinvented

There was a time when retirement was looked upon with trepidation; nowadays, it’s largely embraced as an opportunity for personal growth – from learning new skills to pursuing neglected hobbies. The question is – how can people afford to take advantage of their new-found spare time once they leave the workforce?

For 76-year-old John Maskell, who enjoys travelling, boating and taking care of his much-loved 1969 Rover, the answer lay in a reverse mortgage.

“I retired from my job selling engineering equipment at 67 and my life since has been amazingly full – I spend my days doing my hobbies and spending time with family and friends,” says John.

“However, as my savings started to decline about three years ago, I realised that superannuation alone wouldn’t be enough to cover my way of life, and I didn’t want to live anywhere else, so I decided to take out a Heartland Reverse Mortgage.“

John draws down $10,000 per year to cover his lifestyle, plus some home improvements and expensive necessities such as new glasses. He says the reverse mortgage is the perfect solution to his situation, as he can stay in the community he loves, and the house he’s adapted to suit his needs, without compromising the lifestyle he enjoys.

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What is a reverse mortgage?

Put simply, a reverse mortgage allows borrowers to access a portion of the equity in their home without the need to make regular mortgage repayments.

As the concept becomes more widely known, more and more retirees are opting to use a reverse mortgage to maintain or enhance their lifestyle. Common uses include everything from paying for home repairs and improvements to taking part in intrepid travel adventures and hobbies.

Heartland Reverse Mortgage Fact Sheet

Who is eligible?

Anyone 60 and over, who owns a home valued at a minimum of $300,000, can apply for a Heartland Bank reverse mortgage. Customers can have an existing mortgage, but it must be paid off by the reverse mortgage. Customers are required to receive independent legal advice from their own freely chosen solicitor.

How much can I borrow?

This depends on a variety of factors, including your age and the value of your home.

Is there any risk of losing the family home?

The Heartland Reverse Mortgage No Negative Equity guarantee protects you or your estate should the loan amount ever exceed the value of your home. This means that you, or your estate will never have to pay back more than the net sale proceeds of your property even if the loan plus accumulated interest exceeds this amount.

GrownUps Only Special Offer

Receive a $500 discount to your loan arrangement fee at the time of settlement if you decide it’s the right option for you.

How can I apply?

Complete your details on this page and we’ll be in touch soon with more information.

Offer valid until 4 June 2018

Heartland Bank Limited’s lending criteria, fees and charges apply.

Who is Heartland Bank?

Heartland Seniors Finance is New Zealand’s leading Reverse Mortgage provider. Heartland has assisted thousands of people aged 60 and over release equity from their home, helping them to live a better retirement, with independence and dignity.

A market leading product and personal service makes Heartland the Reverse Mortgage lender of choice for many New Zealand seniors. Heartland Seniors Finance is proud to be an accredited Consumer Trusted business.

Can we help someone you know live a better retirement?