Heartland Bank's reverse mortgage, including its Secondary Property Loan for rentals and holiday homes, its Flexi Reserve drawdown and its equity protection option.
What I Do That A Lender Will Not
That is the gap I fill. I am Oliver Broomfield, a licensed financial adviser in Takapuna, and reverse mortgages are my specialty. I work with both Heartland and SBS and am employed by neither.
Four things, mainly.
I tell you if a reverse mortgage is the wrong tool. A good number of the people who contact me end up doing something else: downsizing, a family loan, a rates rebate they did not know about, or simply waiting. A lender has no reason to suggest any of that.
I compare the two lenders for your situation, not in general. Your age, your property type, the amount you need and whether you want to protect equity for your family all shift which lender comes out ahead.
I show you the balance in ten and twenty years, in writing, before you sign. Most people have never seen their own compounding numbers, and some change their mind once they have.
I deal with the paperwork, the valuer and the lender until the money is in your account, and I am still here afterwards when you want to draw more or your circumstances change.
Who Reverse Mortgage Advice Is For
Homeowners over 60 who are considering a reverse mortgage, and the families helping them decide.
In practice that means a couple weighing up whether to borrow for a kitchen or sell up, a widowed homeowner trying to stay put on one pension, someone with a few years of mortgage left who wants the repayments to stop, or a son or daughter who has been handed the job of sorting out a parent’s finances and wants someone specialist in the room.
If you are under 60, own a property neither lender is likely to accept, or are mainly looking to give a large lump sum to the children, I will usually say so in the first conversation and point you somewhere more useful.
The Options I Compare For You
SBS Unwind, including its Protected Equity Percentage.
Lump sum, monthly payment and reserve structures, and the combination that costs you least in interest.
Borrowing less than the maximum, and what that saves over fifteen years.
Whether a standard home loan, a family arrangement or downsizing would do the same job for less.
I do not sell insurance, investments or any other product through this site, and I am not a lawyer or an accountant. Where you need legal advice, which is compulsory for a reverse mortgage, you choose your own solicitor.
What Happens When You Book A Chat
Book a Free ChatA conversation
Phone, video, my office at 1/2 Rangitira Avenue in Takapuna, or your place. We talk about what you need the money for, how long you expect to stay in the home, and who else should be part of the decision. Half an hour, sometimes an hour. No forms.
A written comparison
If a reverse mortgage still makes sense, I send you a short document comparing Heartland and SBS for your property and age, with a projection of the balance and your remaining equity at five, ten, fifteen and twenty years. You take it to your family and your solicitor.
Time
I will not chase you. People take a fortnight or a few months; both are fine.
The application
If you decide to go ahead, I complete the lender's application with you, organise the valuation, liaise with your solicitor on the legal advice and keep you informed through to settlement. Four to eight weeks is typical.
Afterwards
Rates change, needs change. You can call me about a top-up, a drawdown or a decision about the house at any point, at no charge.
How I Am Paid And What It Costs You
You do not pay me. When a loan I have arranged settles, the lender pays me a fixed referral fee ($2,000 from Heartland, confirmed in writing before we start) regardless of the loan size. The lender does not charge you more because you came through an adviser.
The fee does not change the rate or fees you pay, and I put it in writing before we start, and my full disclosure statement sets out the arrangement, my licensing and how to complain if you ever need to.
Can my children sit in?
Please bring them. Most of my best meetings have an adult child in the room asking the hard questions.
Do I need to decide anything on the first call?
No. The first conversation is to understand your situation. Nothing is applied for until you ask me to.
Will you tell me not to do it?
If that is my honest view, yes. I would rather lose the fee than arrange a loan that is wrong for you.
I have already spoken to Heartland. Is there any point talking to you?
Usually, yes. I can tell you how SBS would treat the same application and whether the amount and structure Heartland offered is the right one. If Heartland is the better fit, I will say so.
Do you work outside Auckland?
Yes, by phone and video. Both lenders accept applications nationally.
Book A Chat Or Call Oliver
Call 0272 751 555, email oliver@obmi.co.nz, or book a time that suits. It is all set out in my disclosure statement.