HEAS vs Reverse Mortgage: Which one is right for me?

Thinking about a reverse mortgage? Start here.

With rising living costs and longer retirements, more older Australians are turning to equity release as a way to supplement their income and reduce financial pressure – without selling the home.

Uptake is growing:

• Over 7,000 Australians currently receive payments under the Home Equity Access Scheme (HEAS), according to the Department of Social Services.
• At the same time, reverse mortgages through private lenders are on the rise, with the market in Australia sitting at around $3.9 billion and growing steadily.

But here’s the thing: Reverse mortgages and the HEAS aren’t the same — and they serve different needs.

Reverse Mortgage (Private Lender):
✔️ Flexible lump sum or income stream
✔️ Available at any age (depending on lender)
✔️ Higher borrowing limits
✔️ Typically higher interest rates
✔️ More product features (e.g. redraw, offset)

Home Equity Access Scheme (HEAS):
✔️ Backed by the Australian Government
✔️ Fortnightly payments via Centrelink
✔️ Lower interest rate (~3.95% as of now)
✔️ Less flexible, but more secure
✔️ Great for conservative borrowers

As specialist brokers, we help retirees weigh up both options — side by side — so they can choose the strategy that truly suits their lifestyle, financial goals, and comfort level.

If you’re a homeowner approaching or already in retirement, and you’re feeling the pressure — this could be the right time to understand what your home can do for you.

Reach out for a simple, obligation-free chat — we’ll help you make sense of it all.

Read the full article here:
https://au.finance.yahoo.com/news/centrelink-reminder-for-aussie-retirees-to-unlock-up-to-250000-in-home-equity-cash-boost-005927932.html

Book your free consultation today
Let’s talk about whether a reverse mortgage is right for you — or if there’s a better path forward.