Monthly payment option on reverse mortgages
Heartland Bank, which is New Zealand’s largest reverse mortgage provider, announced today that mortgage-free seniors can now opt to receive a minimum $300 monthly payment on their loan.
The option is intended to provide such customers with greater cash flow flexibility and financial freedom.
Heartland senior manager retail Lisa Hatfield said demand for their reverse mortgage product, which allows people to borrow against the equity in their properties, is growing rapidly.
In the year to June 2016, the bank’s reverse mortgage loan book increased by $28 million to $365 million, and it has grown strongly since.
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