Housing and Real Estate

Do I have to hire? No. In principle, a reverse mortgage can be formalized without employing this policy, which aims to ensure that the client copper monthly income for life.

Is it advisable? Yes, all banks that offer reverse mortgage agree and insist that customers take advantage of this insurance.

What if the owner dies before the deadline set in the reverse mortgage contract? If you have purchased the policy and the annuity holder dies, for example, five years after signing a reverse mortgage (the term was 15), the heirs will receive the proportionate share of the premium that once this person higher paid. This part is calculated by the bank, according to the income received by the holder and the prescribed period.

If you have not purchased the insurance and annuity holder dies before the expiry of a reverse mortgage, the heirs only have to deal with the debt owed to the bank, depending on the number of years that the incumbent is has benefited from the income. In this case we have saved more important than spending this type of mortgage carries no negative consequences.

What if she dies next? If a person with 70 years hire a 15-year mortgage insurance annuities and living to 92 years, this insurance will allow you to continue charging the same monthly income as of 85 years, although the mortgage is due and you can follow living in your own apartment. (more…)

A new financial product, pension mortgage, improve living standards of the elderly in that after his death the heirs lose the house bound

The elders have ceased to be nearly invisible to financial institutions, resulting in the launch of new products designed exclusively for them. One of the most attractive is the pension mortgage, which gives priority to economic level in our country to a large group of people, but living with right and miracles do each month to stretch their meager pensions, are entitled, in addition to health that strives to meet the test of time, a precious commodity in these times: a home. This new type of loan comes in a very specific context: increased life expectancy, changes in traditional family structures, declining purchasing power of pensioners and the key element, the very high proportion of homeowners in Spain: in this case are mostly the elderly, regardless of their economic capacity, which have a flat property. A final condition to consider: retirement pension gives access to a private residence. Also, get admission in a public housing that is more bearable costs, it is very difficult due to the scarcity of available slots.

Financial institutions know that 92% of the more than 7.5 million people over 65 years our country has a dwelling. And it is they who are directed to a product, reverse mortgage, whose success will depend on the resulting pressing economic needs of older people as they are emancipated from the usual, turned on standby duty, leaving their housing estate to the children, (more…)