lending market in recent years, a new instrument - "reverse mortgage", a program that can give pensioners, people aged opportunity to improve the conditions in which they live, due to their existing property.According to the agreement
reverse mortgage collateral is property held by the prospective borrower in the property.Evaluate it, the bank offers a loan for the maximum possible amount for themselves.Later secured apartments can sell and pay off the loan.It is possible that the bank will not be able to return so that the loan amount in full, in this case, comes to help the state - it pays the difference.In addition to the sale of real estate collateral, there is also the other conditions of this loan repayment.
Reverse mortgage is especially true when the amount is too small salary or pension, or if the borrower has no children.
Consumer lending is intended, rather, to meet the needs of the working-age population.As for loans for pensioners, a particularly rely on the fact that credit institutions will be given them, perhaps, not worth it.Not to mention the fact that the return "borrowed" funds at their bank interest rates more than difficult.
But on the "reverse" program, a pensioner even has a choice: either to receive a large sum at once in his arms, or to receive them monthly (get a good increase in their pension).
Bank as one of the participants in this scheme the money gives rather than receives, and so it is called feedback.A reverse mortgage is a fundamental difference from the classical - it does not require maintenance, as accrued interest for the use of funds are automatically added to the total debt.
noteworthy that by participating in this program, the owner continues to live in his own apartment.In general, borrowers are protected from seizure apartment in case of default as long as:
- at least one of the relatives of pensioners permanently in the apartment was still alive;
- borrower various payments on real estate, including taxes and insurance.
must say that getting monthly payments on the loan, almost pensioner receives most of, if not the full value of the mortgaged property.This means that after the apartment will be implemented, inherited property is reduced by several times or even disappear.
Perhaps someone resembles a reverse mortgage annuity.But do not rush to conclusions.When an elderly person life annuity transfers to another organization or person the right to his property in exchange for financial and physical assistance.That meant a lifetime contract disbursement of funds in the interest of the person who has assumed these responsibilities.And no wonder the old men are afraid that concluded a treaty with them may be interested in a quick passing of his "wards".
Under the scheme the reverse mortgage bank, on the contrary, interested in as long as possible borrower's life: with interest increasing the amount of debt.We can not exclude the fact that the borrower or one of his relatives, returning credit to restore their rights to the apartment.
This scheme is likely to be more in demand in the circle completely lonely pensioners with small apartments.In other cases, there are alternative options to generate additional income, such as:
- exchange for an apartment, having a smaller area,
- renting their apartments for rent along with other rental apartments, having a smaller area,
- help from relatives, heirs, and futureetc.
For the state it is advantageous mortgage, as it shifts its obligations to ensure that the living standards of pensioners in the businesses, which they operate, however, in respect of apartments, earned pension.
