Fees and Legal Requirements

Arrangement fees

There will be charges in order to set up your Heartland Reverse Mortgage. These fees will be charged to you, but can be paid out of your initial drawdown under the loan. An arrangement fee may also apply to further top-up loans. These can be added to your loan amount on settlement.

Other fees involved in setting up your Heartland Reverse Mortgage are a valuation fee, and your own solicitor’s costs.

You will find information on all fees that apply to the Heartland Reverse Mortgage in our Fees Schedule.

Legal advice

To protect your interests, your own legal adviser should act for you. Your solicitor will advise you about their charges for completing the necessary legal work. You will be responsible for your own solicitor’s fees.

Interest rates

View our interest rate here

Like any other loan, interest will be charged on your Heartland Reverse Mortgage. Interest will be charged at our applicable published variable market rate and will be added to the amount you have borrowed to form the overall loan balance.

Interest is calculated on the daily balance, compounded and debited monthly to your loan account and paid, together with the principal, at the end of the loan period when you move permanently from your home. Being a variable interest rate, it is subject to change. Should the interest rate change, we will reflect these changes under "interest rates" on our website and detail the new interest rate on your next statement.

Keeping track

To help you monitor your loan, we will send you a statement every six months showing you details of your loan over the previous period, including interest.

Your obligations under the Loan

In order for us to keep our promises, you have a number of legal obligations to us. These include continuing to look after your home, making necessary repairs as required and protecting it from damage. You will also need to continue to pay your rates and adequately insure your property. If you do not meet your obligations under the loan, Heartland Bank may be unable to honour our promises to you.

View the Loan Details and Mortgage Memorandum

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