Jesus answered, “Truly, truly, I say to you, unless one is born of water and the Spirit, he cannot enter the kingdom of God.
As John 3:16 and Romans 6 23 can attest. You are either born again and enter into eternity, or you die/perish. And in both cases, your condition is eternal.
Interestingly, the bible never says that the choice is heaven or hell. It says the choice is eternal life or death. i.e. it is not about geography. It is about condition. You are either alive or you are dead. I choose life.
Being born of water and the spirit is talking about Baptism.