In the credit market in recent years,a new tool - "reverse mortgage", a program that can give retirees, people of age the opportunity to improve the conditions in which they live, due to their existing real estate.
Under the reverse mortgage mortgage agreementproperty is the real estate located at the potential borrower in the property. Having evaluated it, the bank offers a loan for the maximum possible amount for itself. Later, a mortgage apartment can sell and pay off a loan. It is not excluded that the bank will not be able to repay the loan in this way in full, in this case the state comes to the aid - it pays the difference. In addition to the sale of collateral real estate, there are other conditions for the return of such a loan.
The reverse mortgage is especially relevant if the wage or pension is too small, or when the borrower has no children.
Consumer lending is intended,rather, to meet the needs of the able-bodied population. As for loans for pensioners, then especially rely on the fact that the credit organizations will give them, perhaps, not worth it. Not to mention that it is more than difficult to return "borrowed" funds to bank interest rates.
But according to the "reverse" program, the pensioner has even a choice: either to get a large amount immediately on hand, or to receive them monthly (a good increase to a pension turns out).
The Bank as one of the participants in this schememoney gives, but does not receive, so it is called reverse. The reverse mortgage has a fundamental difference from the classical one - it does not require maintenance, since the interest accrued for the use of funds is added automatically to the amount of debt.
It is noteworthy that by participating in this program, the owner continues to live in his own apartment. Basically, borrowers are protected from seizure of an apartment in case of default until:
- at least one of the relatives of pensioners, permanently registered in the apartment, is alive;
- the borrower carries out various payments for real estate, including taxes and insurance.
I must say that, receiving monthly payments forcredit, the pensioner practically receives the most if not the full value of the mortgaged property. This means that after the apartment is sold, the inherited property will decrease at times or disappear altogether.
Perhaps someone reverse the mortgagelife annuity. But do not rush to conclusions. With a life annuity, the elderly person transfers another organization or person the rights to their property in exchange for material and physical assistance. Such a contract means a lifetime payment of funds also in the interests of the person who has undertaken these duties. And it's not for nothing that the old people are afraid that the contract concluded with them may be interested in the quick departure from their "wards" life.
Under the scheme of the reverse mortgage, the bank, on the contrary,is interested in the longest possible life of the borrower: with the accrual of interest, the amount of debt increases. You can not exclude the fact that the borrower himself or one of his relatives, having returned the loan, will restore their rights to the apartment.
This scheme, most likely, can be moreis in demand in the circle of absolutely lonely pensioners who have small apartments. In other cases, there are alternative options for obtaining additional income, for example:
- exchange for an apartment that has a smaller area,
- Renting your apartment at the same time as renting another apartment that has a smaller area,
- help from relatives, future heirs, etc.
For the state it is an advantageous mortgage, becauseit shifts its obligations to ensure the standard of living of pensioners on commercial structures, which they carry out, however, in the account of an apartment earned by a pensioner.