Heartland extends reverse mortgage capability

Specialist reverse mortgage firm, Heartland Group has extended its capability via the completion of a $250 million committed reverse mortgage funding facility.

The company announced to the Australian Securities Exchange (ASX) today that it now has access to committed Australian reverse mortgage loan funding of $850 million in aggregate.

It said the funding facility reflected an important stage in the evolution of Heartland’s Australian business and, following the establishment of an Australian dollar medium-term note program earlier this year, would provide additional diversification funding and increase capacity to meet growing demand for reverse mortgage in Australia.

The company said the combination of favourable demographics, limited active originators and plans to raise product awareness through increased marketing activity, represented the opportunity for significant growth and a number of other funding options continued to be developed including additional warehouse facilities and long-term funding sourced offshore.

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