Originally Posted by
dabsman
I knew I received something in my hundreds of emails yesterday!
We are excited to announce Heartland Bank is now offering Reverse Mortgages against investment properties and holiday homes with our new feature, Secondary Property Loans.
A Secondary Property Loan allows people aged 60 years and over to enjoy a more comfortable retirement by accessing equity from their secondary property, rather than their primary residence.
Like our regular Reverse Mortgage, Heartland’s Secondary Property Loan can be used for a variety of different purposes including home improvements, debt consolidation, travel or just taking the stress out of everyday bills.
The Secondary Property Loan may suit those who do not want a mortgage against their primary residence or those living in a retirement village who still own a property.
We continue to offer the protection of a Heartland Reverse Mortgage, including our three promises:
· Lifetime Occupancy Guarantee – your home will remain the place you live in for as long as you choose
· No Negative Equity Guarantee – the amount required to repay your loan will never exceed the net sale proceeds of the property
· Loan Repayment Guarantee – there is no requirement to make any loan repayment until the end of your loan, although you may do so at any time without penalty costs.
The interest rate for a Secondary Property Loan is the same as a Heartland Reverse Mortgage, with a floating rate of 6.95% p.a.
The loan is due to be repaid when the borrower sells their investment property or holiday home, or when they move permanently from their primary residence.