Are increasing costs putting a strain on your budget?
We are pleased to have helped more than 20,000 Kiwis live a more comfortable retirement with a Heartland Reverse Mortgage. However, some of our existing and new customers have told us how challenging it is to live a comfortable retirement on NZ Super alone. This is despite many people having considerable equity in their home.
Since the onset of the Covid pandemic, the cost of living has soared globally. Here in New Zealand, Kiwis have experienced the largest annual increase in living costs in more than 30 years. Significant increases in the cost of essentials have placed immense pressure on Kiwi households, particularly for those on a fixed income such as retirees.
New Zealand Super is not enough
A retired couple receives $1,527.28 total fortnightly (after tax) from NZ Super (as of 30 March 2023), yet data from the June 2022 New Zealand Retirement Expenditure Guidelines estimates a couple living in a major city would need $1,862.32 per fortnight for a ‘no frills’ lifestyle, or $3,156.30 per fortnight for a comfortable lifestyle.
That’s a fortnightly deficit of $335.04 for a ‘no frills’ lifestyle and $1,629.02 for a more comfortable lifestyle, highlighting the issue faced by those who are living off NZ Super alone. To combat this, many Kiwis are beginning to investigate alternative ways to pay the bills while still living a comfortable retirement.
But there is a solution
A Heartland Reverse Mortgage with a regular advance feature can help take the stress out of everyday bills.
A Heartland Reverse Mortgage is a specialised loan for seniors that allows you to release some of the equity in your home to consolidate debts and cover the increasing cost of living. A reverse mortgage with a regular advance feature provides a monthly payment to complement your retirement income, and you can access it for between five to ten years. This can provide you with the peace of mind to enjoy your retirement and splash out on those little luxuries.
Find out how much you could borrow
To find out how much you could potentially borrow and to see the impact of a Heartland Reverse Mortgage on the equity in your home, check out the calculator on our website.
If you have any other questions about a Heartland Reverse Mortgage or our regular advance feature, please get in touch with our customer care team on 0800 488 740 or [email protected] to discuss your options. We are here to help.
Applications are subject to loan approval criteria. Heartland Bank Limited’s responsible lending criteria, fees and charges apply.
