Baby boomers using home equity to pay for living costs, Heartland says

Retirees are using reverse mortgages to fund day-to-day expenses such as groceries. (Image: Getty)

Tue, 24 Oct 2023

Heartland Bank’s retiree reverse mortgage customers are increasingly using funds drawn down from their homes to pay for day-to-day expenses such as groceries, haircuts and coffees at the café, the bank says. Heartland's head of retail, Keira Billot, said with the cost of living rising and high-interest rates, its reverse mortgage customers were using home equity to bridge the gap between superannuation payments and their expenses.One of the features of a reverse mortgage is people could choose to have a regular monthl...

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