Are you over 60 and you don’t know how to deal with unexpected expenses? Would you like some help on retirement, but you have not signed a policy in the past and now you do not have the possibility to access other credit instruments?
The mortgage loan is the solution for those who have a home and want to get a loan from the banks without having to worry about paying the installments.
In fact, all you have to do is assess the value of your property and conclude a mortgage on the home. Also called a mortgage loan due to the mortgage on the home, the loan has its pros and cons.
Here are the conditions of the mortgage loan and the affiliated banks that allow you to obtain it.
If you do not have a home, in the event that you receive a pension you will be able to request a fifth assignment. Find out how the salary-backed salary (or salary) works.
CONTENTS OF THE ARTICLE
- How does it really work?
- How much can I get the loan as a percentage?
- Can I get it even if I have no heirs?
- Mortgage annuity loan: which banks
- It should? The advantages and what to watch out for
- Mortgage annuity mortgage: latest news and legislation
How does it really work?
The senior mortgage loan annuity loan allows you to get money on loan without paying the installments and without being a debtor or a protestor. Only people over the age of 60 can access, with benefits that increase as they age.
The amount that can be borrowed depends on the value of the property calculated on the percentage referred to age. If you ask for a loan, you can stay in your home, but you will not be able to sell it or rent it, because there will be a mortgage.
When the house is owned by the heirs , in order to be able to really get hold of them, they will have to pay the bank in a single payment how much you have received on loan plus any interest, calculated on the interest rate stipulated by contract.
The heirs may attempt to sell the house within one year of the applicant’s will or death if they cannot pay the bank immediately in one lump sum. In this case, they will have to sell the house by cutting 15% of the value of the property.
If this is not possible, after a year the house passes to the bank with the foreclosure formula and, to recover the expenses incurred, it will sell the property with the court auction.
How much can I get the loan as a percentage?
The percentage depends on age: from 60 to 70 you can get up to 15% of the property value in a single solution, which reaches 20% between 71 and 80, 40% from 81 to 89 years and 59% from 90 years upwards . The calculations, therefore, do not depend on the amount of the payslip of your pension, but depend only on the actual value of your home.
Can I get it even if I have no heirs?
The mortgage loan can be requested even if there are no heirs. In this case, the bank will have to sell the property in the real estate market to recover its credit, removing 15% of the value each year.
The property, however, will not be distrained and will not pass from court proceedings.
Mortgage annuity loan: which banks
Financing is easier to find than you think. In fact, many banks have agreements, but you have to pay attention to the interest rates applied.
For example, the XYZ lifetime mortgage loan is available directly from the branches. Presenting you with the documents relating to the house and your identification documents, you can request a free quote to see clearly.
Uni Bank also proposes a lifetime mortgage loan called Valor. You can ask if you are between 65 and 85 and then choose between fixed or variable rates. You can protect your heirs by paying part of the installments. The minimum amount you can borrow is 30,000 euros, again in percentage based on your age. The interest rate applied is around 10% of the borrowed money.
The QWE mortgage loan , on the other hand, is called Presti : you are at least 60 years old, you can ask to receive the loan amount in a single payment, or up to 20 annual installments. You can also choose to pay the interest in advance, taking advantage of the fact that the loan is at a fixed rate. You can borrow up to 250,000 euros if you request to get the money in a single payment, otherwise I could ask for annual payments ranging from 2400 to 25,000, again based on your age it is based on how much you asked for.
With Lifetime Mortgage Loan, you can borrow money at a fixed rate with insurance for your heirs that you can choose to activate or not. You can also choose whether to pay the interest first in monthly installments, leaving the heirs to pay the principal.
It should? The advantages and what to watch out for
The life loan is worthwhile if you find yourself in a difficult time or if you want to dedicate a little to yourself, guaranteeing a fixed income without using an insurance policy.
In addition, if you have a home and you know you have no heirs, the loan will allow you to meet unexpected expenses without having to pay monthly installments.
Incidental expenses from banks such as Uni Bank are often included in the APR.
Funding is therefore advantageous and has its advantages, but attention must be paid to certain characteristics that can be found in specific offers. For example, some banks may ask you to pay incidental expenses such as the notary’s contract or appraisal.
Making the assessment personally will allow you to obtain the objective value of the property: thus, the bank will have to keep to the last document available to evaluate how much to loan you and will not be able to ask you to pay a part expert.
In addition, interest is calculated for one year. Consequently, even if an interest rate equal to or less than 10% may seem convenient, you must pay attention to the effects of these percentages on small amounts to protect your heirs.
Mortgage annuity mortgage: latest news and legislation
The loan lends itself well to continuous offers and is protected by two very specific laws. The first is Article 106 of the Consolidated Banking Act, which allows you to find this loan both in the bank and in a financial company and which explains all the percentages based on the age range and the value of the property.
The second is Law Decree 226 of 22 December 2015, which explains how the heirs then pay the loan, how the interest is calculated and who is required to pay when the loan is requested by spouses (= the younger spouse or if he becomes the ‘sole owner of the property). Discover the offers for your mortgage loan now.