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 – how the money gets spent is completely up to the customer!
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 their age and the value of their home.
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 they 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.