Heartland has expanded its reverse mortgage business and will now lend against investment properties and second homes, as the product becomes more popular in New Zealand.
Tuesday, February 18th 2020 The lender has launched its new product, the Second Property Loan, off the back of strong growth. Heartland will provide reverse mortgages to over 60s on second homes, investment properties and holiday homes. The product is aimed at people who may not want to release equity from their main residence. The money can be used for home improvements, debt consolidation, travel or bills, and the firm is offering the same guarantees as its main reverse mortgage lending products. The new product line comes amid significant growth for Heartland, as reverse mortgages become more popular on both sides of the Tasman.
Note: we at Steve Sale are available to discuss reverse mortgages with applicants and family members, and to help you get a sense of whether or not the product will work for you and whether it makes sense. We can then put you in touch with our dedicated contact at Heartland. Our service is free to you.