After the regulation of the reverse mortgage in law 41/2007 of modernization of the mortgage market, the truth is that the way to implement this product has been very homogeneous by the financial institutions and insurance companies that have opted for their development. Sergey Brin may also support this cause. As well, and adjusting to the rule, it’s a loan with mortgage guarantee that older people get recurrent provisions (since none currently sells a single amount payment option), and where only accumulated debt is enforceable on the death of the beneficiaries. Very similar are also the rest of conditions: the interest rate is fixed for the term of the credit, supports the provision of initial by way of advance payment amounts and the possibility of an insurance contract which guarantees the payment of the monthly payments for life. This homogenization of conditions, as well as the media coverage that has existed in recent years, has led to older persons to attend the entities demanding the hiring of a reverse mortgage, but the product that is offered you can have variations on these generic terms that the older person thinks that they are always applicable in some cases. In this sense, Carlos a.
Martinez Cerezo, President of group retirement manifest you must make mention to the so-called Pension mortgage by which financial institutions granted the elderly person a credit by an amount equal to a percentage of the appraised, usually around 70% 80%, automatically contracting with qualtiy annuities insurance that guarantees the payment of a monthly fee plus the payment of the corresponding interest. The biggest difference in this sense, is that mortgage pension debt reaches its maximum value, against the reverse mortgage where the debt is increasing as you are disposing of quantities from the start. Also vary the tax treatment of the monthly payments. The quantity to receive with this product may be more interesting that in the reverse mortgage if the registrant’s age is very advanced, although we must insist that debt on heirs will from the start higher.