Heartland's reverse mortgage growth slows: Online home loans closed

Growth in Heartland Group’s reverse mortgages continues at double-digit rates but has slowed from the 2024 financial year from 20% to 15% in the six months ended December.

Heartland’s New Zealand reverse mortgage portfolio rose by $82 million, or 15.3%, to $1.15 billion in the six months while net operating income rose 22.3% to $29.2 million.

The main reasons for borrowing remain home improvements, debt consolidation and easing of living expenses, the company says.

It is forecasting that growth will fall a little to 15% in the second half but that it will then pick up to 15.7% for the year ending June 2026.